Company: TGE
Filing Date: 2025-11-21
Form Type: POS AM
Source: 0001213900-25-113604
Chunk: 320

Company: Generation Essentials Group
Filing Date: 2025-11-21
Form: POS AM
Chunk 320
---
 balance.

The capital structure of the Group
consists of debts and equity attributable to equity holders of the Group, comprising share capital and reserves, as disclosed in consolidated
statements of changes in equity.

There were no changes on the Group’s
approach to capital risk management during the years.

| 34. | ACQUISITIONS OF SUBSIDIARIES |

For the year ended December 31, 2022

In April 2022, the intermediate
holding company acquired 100% equity interest of L’Officiel Inc SAS. The consideration of the acquisition amounting to US$62,800,000
was paid by ultimate holding company on behalf of the Group. The transaction was completed in April 2022 and accounted for using
acquisition accounting. No acquisition-related cost has been recognized as an expense for the year December 31, 2022.

Assets and liabilities at the date of acquisition

|                                             |     | US$’000 |         |   |
| Cash and cash balances                      |     |         |     247 |   |
| Restricted cash                             |     |         |     477 |   |
| Accounts receivable                         |     |         |   1,855 |   |
| Prepayments, deposits and other receivables |     |         |   2,745 |   |
| Intangible assets                           |     |         |  92,294 |   |
| Accounts payable                            |     |         | (11,489 | ) |
| Other payables and accruals                 |     |         | (11,033 | ) |
| Provisions                                  |     |         |  (4,094 | ) |
| Borrowings                                  |     |         |    (585 | ) |
| Deferred tax liabilities                    |     |         |  (2,769 | ) |
| Net assets acquired                         |     |         |  67,648 |   |

<div align='center'>F-75

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

| 34. | ACQUISITIONS OF SUBSIDIARIES (cont.) |

The fair values and gross contractual
amounts of accounts receivable and other receivables at the date of acquisition amounted to approximately US$1,855,000 and US$2,492