Company: TGE
Filing Date: 2025-06-24
Form Type: F-1
Source: 0001213900-25-057225
Chunk: 335

Company: Generation Essentials Group
Filing Date: 2025-06-24
Form: F-1
Chunk 335
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.

Had the acquisition of The Art Newspaper SA been completed
on January 1, 2023, revenue for the year of the Group would have been US$46.6 million, and profit for the year would have been
US$16.2 million. The pro forma information is for illustrative purposes only and is not necessarily an indication of revenue and
results of the operations of the Group that actually would have been achieved had the acquisition been completed on January 1, 2023,
nor is it intended to be a projection of future events.

<div align='center'>F-80

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.) |

For the year ended December 31, 2024

On April 1, 2024, the Group agreed with another shareholder
of Singapore hotel companies that the Group owns the controlling interests of Singapore hotel companies, accordingly, Singapore hotel
companies became the non-wholly owned subsidiaries of the Group without change of the percentage of ownership.

Assets and liabilities at the date of acquisition

|                                             |     | US$’000 |          |   |
| Cash and cash balances                      |     |         |    4,273 |   |
| Accounts receivable                         |     |         |      920 |   |
| Prepayments, deposits and other receivables |     |         |      622 |   |
| Property, plant and equipment               |     |         |  349,061 |   |
| Accounts payable                            |     |         |     (116 | ) |
| Other payables and accruals                 |     |         |     (467 | ) |
| Provisions                                  |     |         |   (1,406 | ) |
| Borrowings                                  |     |         | (159,722 | ) |
| Contract liabilities                        |     |         |     (471 | ) |
| Tax payables                                |     |         |     (214 | ) |
| Amounts due to shareholders                 |     |         |  (47,157 | ) |
| Non-controlling interest                    |     |         |  (71,136 | ) |
| Net assets acquired                         |     |         |   74,187 |   |
|