Company: TGE
Filing Date: 2025-06-24
Form Type: F-1
Source: 0001213900-25-057225
Chunk: 313

Company: Generation Essentials Group
Filing Date: 2025-06-24
Form: F-1
Chunk 313
---
     |         | — |

In June 2022, the Group entered into a future settlement
contract with the counterparty, pursuant to which the Group is entitled to receive certain listed equity shares at a mutually agreed price
at approximately US$53,272,000 in aggregate (the “Future Settlement Contract”) within one year. The fair value of the underlying
shares as of December 31, 2022 was approximately US$70,953,000. The Future Settlement Contract was accounted for as a derivative
financial asset and the net fair value gain recognized in profit or loss was approximately US$17,681,000 for the year ended December 31,
2022. During the year ended December 31, 2023, the Agreement was terminated and fully settled with the counterparty with the consideration
of approximately US$17,681,000.

AMTD Group Inc. and the Company entered into an agreement
over the share price of AMTD Digital Inc., pursuant to which the Group is entitled to recover from AMTD Group Inc. if the share price
of AMTD Digital Inc. is lower than that at the time the Group invested in the shares of AMTD Digital Inc. (the “Price Protection
Agreement”). The purpose of the Price Protection Agreement is to provide a financial safety net for the Group by ensuring to receive
a minimum value for its investments in shares of AMTD Digital Inc. The Price Protection Agreement was accounted for as a derivative financial
asset and the net fair value gain recognized in profit or loss was approximately US$30,339,000 for the year ended December 31, 2024.

<div align='center'>F-64

THE GENERATION ESSENTIALS GROUP
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2022, 2023 AND 2024</div>

| 18. | CASH AND BANK BALANCES AND RESTRICTED CASH |

Cash and bank balances include cash on hand and demand deposits
at bank. The bank balances earn interest at floating rate of daily bank deposit rates and are deposited with creditworthy banks with no
recent history of default. The bank balances are deposited with creditworthy banks with no recent history of default.

As of December 31, 2022 and 2023, restricted deposits
held at banks were used to settle certain payables to vendors.

| 19. | ACCOUNTS PAYABLE |

|                           |     | As