Company: TGE
Filing Date: 2025-07-03
Form Type: F-1/A
Source: 0001213900-25-061211
Chunk: 337

Company: Generation Essentials Group
Filing Date: 2025-07-03
Form: F-1/A
Chunk 337
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 |        |     | US$’000 |   |
| Costs of investment in joint ventures                           |     |                    | 16,535 |     |         | 16,506 |     |         | — |
| Share of post-acquisition losses and other comprehensive income |     |                    | 52,795 |     |         | 55,370 |     |         | — |
|                                                                 |     |                    | 69,330 |     |         | 71,876 |     |         | — |
| Due from joint ventures                                         |     |                    | 30,554 |     |         | 23,810 |     |         | — |
| Total                                                           |     |                    | 99,884 |     |         | 95,686 |     |         | — |

Amounts due from joint ventures are unsecured, interest-free
and repayable on demand.

Particulars of the joint ventures which own and operate the
DAO by Dorsett AMTD Singapore Hotel in Singapore (“Singapore hotel companies”) as of December 31, 2022 and 2023 are as
follows:

| Name                     |     | Particulars     
 of issued       
 shares held     |     | Place of       
 incorporation/ 
 registration   
 and business   |     | Percentage of  
 ownership      
 interest,      
 voting         
 power and      
 profit sharing |    |   |     | Principal          
 activity           |
| Cosmic Gold Limited      |     | Ordinary shares |     | BVI            |     |                | 51 | % |     | Investment holding |
| DHI Holding (S) Pte Ltd. |     | Ordinary shares |     | Singapore      |     |                | 51 | % |     | Hotel investment   |

On April 1, 2024, the Group agreed with the remaining
shareholder of Singapore hotel companies that the Group owns the controlling interest in the Singapore hotel companies. Accordingly, the
Singapore hotel companies became the non-wholly owned subsidiaries of the Group without change in the percentage of ownership. Please
refer to note 34 for the details of the consolidation of Singapore hotel companies.

<div align='center'>F-79

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

| 13. | INTERESTS IN JOINT VENTURES (cont.)