Company: TGE
Filing Date: 2025-07-03
Form Type: F-1/A
Source: 0001213900-25-061211
Chunk: 304

Company: Generation Essentials Group
Filing Date: 2025-07-03
Form: F-1/A
Chunk 304
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 the scope of IAS
37 Provisions, Contingent Liabilities and Contingent Assetsor IFRIC 21 Levies, in which the Group applies IAS 37 or IFRIC
21 instead of the Conceptual Framework to identify the liabilities it has assumed in a business combination. Contingent assets are not
recognized.

<div align='center'>F-53

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

| 2. | APPLICATION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS 
 (cont.)                                                    |

At the acquisition date, the identifiable assets acquired
and the liabilities assumed are recognized at their fair value.

Goodwill is measured as the excess of the sum of the consideration
transferred, the amount of any non-controlling interests in the acquiree, and the fair value of the acquirer’s previously held equity
interest in the acquiree (if any) over the net amount of the identifiable assets acquired and the liabilities assumed As of acquisition
date. If, after re-assessment, the net amount of the identifiable assets acquired and liabilities assumed exceeds the sum of the consideration
transferred, the amount of any non-controlling interests in the acquiree and the fair value of the acquirer’s previously held interest
in the acquiree (if any), the excess is recognized immediately in profit or loss as a bargain purchase gain.

Non-controlling interests that are present ownership interests
and entitle their holders to a proportionate share of the relevant subsidiary’s net assets in the event of liquidation are initially
measured at the non-controlling interests’ proportionate share of the recognized amounts of the acquiree’s identifiable net
assets or at fair value.

The Company accounts for the business combination with entities
under common control using historical carrying values and under a prospective basis which involves the Company accounting for the combination
prospectively from the date on which it occurred. For predecessor accounting:

| ● | Assets and liabilities of the acquired entity are stated at 
 carrying amounts. Fair value measurement is not required.   |

| ● | Income statement reflects the results of the combining parties. |

| ● | No new goodwill arises in predecessor accounting. |

| ● | Any difference between the consideration given and the aggregate                                                                     
 carrying value of the assets and liabilities of the acquired entity at the date of the