Note 18 - Investment in Equity-accounted Investees

12 Months Ended

Dec. 31, 2022

Notes to Financial Statements

Equity Method Investments and Joint Ventures Disclosure [Text Block]

18. Investment in Equity Accounted Investees

(a) CSS Corp LP

The Company had made a $25 million minority investment through its subsidiary CSP Alpha in CSS Corp. LP (“CSS”), a new-age IT services and technology support solutions company that harnesses the power of AI, automation, analytics, cloud, and digital to address customer needs. Through this investment, the Company has acquired an indirect beneficial interest in CSS of circa 26%.

On December 27, 2022, CSP Alpha, entered into an Acquisition and Redemption Agreement with CSP Fund II LP (acting through its general partner CSP EAF II GP Limited), as incoming additional limited partner, and CSP CSS GP Limited, in its capacity as general partner of CSS Corp LP. Pursuant to the Acquisition and Redemption Agreement, the Company redeemed in full all the partnership interests held by CSP Alpha in the Partnership for a cash redemption price of $45.6 million. The Company has disposed of the investment in CSS at a price that is offered to other target investors by the CSP Fund. Following the Redemption Transaction, CSP Alpha ceased to be a limited partner of the Partnership and has no rights or liabilities relating to the Partnership with respect to periods after the completion of the redemption. 

	Year Ended December 31, 2022		Year Ended December 31, 2021
Aggregate amounts of the Company’s share of income of equity-accounted investees		5,496		6,688
Net gain on disposal of investment		8,499		-
		13,995		6,688

Reconciliation to carrying amounts	As of December 31, 2022			As of December 31, 2021
Opening net assets		31,688			-
Acquired during the year		-			25,000
Share of income of equity-accounted investees		5,496			6,688
Net gain on disposal of investment		8,499			-
Proceeds from redemption of investment		(45,683	)		-
Carrying value of investment		-			31,688

b) Individually immaterial associates

The Company had individually immaterial investments in equity-accounted investee in Australia. It has 33.33% interest in Queensland Partnership Group Pty. Ltd and 16.67% interest in Services Queensland Partnership in Australia. The Company's share of income (loss) of equity-accounted investee, is accounted under the “equity method” as per which the share of income (loss) of equity-accounted investee had been added to the cost. In 2021, the Company had realized carrying amounts related to investment in individually immaterial associates.
Aggregate share of loss of immaterial associates was $7 for year ended December 31, 2021.