Company: TGE
Filing Date: 2025-07-03
Form Type: F-1/A
Source: 0001213900-25-061211
Chunk: 350

Company: Generation Essentials Group
Filing Date: 2025-07-03
Form: F-1/A
Chunk 350
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 share into non-voting redeemable preferred shares. On the same date, the Company issued 1,680 non-voting redeemable preferred
shares to AMTD Digital Inc. and AMTD Digital Inc. issued 13,333,333 Class A shares to the Company at a consideration of US$100 million.
AMTD Digital Inc., as the holder of non-voting redeemable preferred shares shall:

| (a) | not entitle to vote of any other matters subject to the vote                                             
 at the general meeting of the Company except for any transaction that may result in a change of control; |

| (b) | not be entitled to any dividends, unless the board of directors 
 of the Company may otherwise declare;                           |

| (c) | in the event of a liquidation, winding-up or dissolution of                                                                          
 the Company, be entitled, prior and in preference to holders of the voting ordinary shares, to the distribution of the assets of the 
 Company available for distribution;                                                                                                  |

| (d) | be subject to redemption and repurchase of the non-voting                                             
 redeemable preferred shares after one year of issuance at par value at the option of the Company; and |

<div align='center'>F-88

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

| 28. | SHARE CAPITAL (cont.) |

| (e) | not be entitled to be have any non-voting redeemable preferred                                                  
 shares redeemed, repurchased or converted into any other class or series of shares at the option of the holder. |

The non-voting redeemable shares are classified as equity
despite their redeemable nature due to their fixed-for-fixed redemption feature. No shares were redeemed during the year, and there are
no plans or obligations to redeem these shares in the foreseeable future.

| 29. | RECONCILIATION OF LIABILITIES ARISING FROM FINANCING ACTIVITIES |

The table below details changes in the Group’s liabilities
arising from financing activities, including both cash and non-cash changes. Liabilities arising from financing activities are those for
which cash flows were, or future cash flows will be, classified in the Group’s consolidated statements of cash flows as cash flows
from financing activities.

|                                  |     | Borrowings |         |   |     | Lease