158 CSE GLOBAL LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2023 5. INVESTMENT IN SUBSIDIARIES AND AMOUNTS DUE FROM/(TO) SUBSIDIARIES Company 2023 2022 $’000 $’000 Unquoted shares, at cost 285,436 200,564 Impairment losses (62,366) (63,724) 223,070 136,840 Details of the subsidiaries are set out in Note 3. Company 2023 2022 $’000 $’000 Impairment losses As at 1 January 63,724 63,724 Write back of impairment loss on investment in a subsidiary (1,358) – As at 31 December 62,366 63,724 As at 31 December 2023, the Group does not have any subsidiaries that have non-controlling interests (NCI) that are material to the Group. Acquisition of businesses in 2023 Acquisition of business in New Zealand In April 2023, a wholly-owned subsidiary of the Group, CSE New Zealand Ltd acquired 100% of the issued share capital in TL Parker Ltd, Parker Communication Limited and the remaining 50% shares in Orion NZ Radio Group Limited (collectively referred as “TL Parker”) for a consideration of NZD 2.7 million (approximately $2.2 million). The acquisition allowed the Group to expand and extend its existing radio communication business and solutions to its customers in New Zealand.
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