149 Annual Report 2024 5. Investment in subsidiaries and amounts due from/(to) subsidiaries Company 2024 2023 $’000 $’000 Unquoted shares, at cost 313,901 285,436 Impairment losses (62,366) (62,366) 251,535 223,070 Details of the subsidiaries are set out in Note 3. Company 2024 2023 $’000 $’000 Impairment losses As at 1 January 62,366 63,724 Write back of impairment loss on investment in a subsidiary – (1,358) As at 31 December 62,366 62,366 As at 31 December 2024 and 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 2024 Acquisition of business in United States (i) RFC Wireless, Inc In July 2024, a wholly-owned subsidiary of the Group, CSE Crosscom USA, Inc acquired 100% of the issued share capital in RFC Wireless, Inc (“RFC”) for a consideration of USD 10.7 million (approximately $14.3 million). The acquisition allowed the Group to expand and extend its existing radio communication business and solutions to its customers in the United States. NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2024
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