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                                NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
(CONTINUED)
12 EQUITY INVESTMENTS (Continued)
The management has taken into account investee specific as well as the macro economic environment of the investee. The investee specific inputs primarily included market multiples, actual business performance against expected and revisions to the business plans. The macroeconomic inputs included country or regional specific information as well as the foreign currency rates. In addition, management has implemented certain refinements to the valuation techniques to reflect appropriately the ever-changing circumstances and economic environment. The valuation techniques used to measure the fair value of equity investments classified in level 2 & 3 for each significant sector as at 31 December 2021 and 31 December 2020 are as follows:
  Sector
  Valuation technique
   31 December 2021 USD
   31 December 2020 USD
  Financial Services
Industry and Mining
Social Services Others
Market comparables Adjusted net asset value Other techniques
Adjusted net asset value Discounted cashflows
Other techniques
Market comparables Residual method Adjusted net asset value Other techniques
72,428,811
83,841,180 113,944,989
2,712,110 13,787,773
138,710,101 69,578,079 18,846,074
5,572,202 14,181,858
                      552     2,113,757
1,264,239     - 39,193,575     41,845,835 8,079,166     8,378,912 1,150,000     1,150,000
270,060,030
               Total
    336,402,395
  300,376,818
   Reconciliation of level 3 items
   31 December 2021 USD
   31 December 2020 USD
  At the beginning of the year
Additions 30,045,272
Disposals (1,384,077)
Transferred from / (to) level 1 & 2 14,530,755
Fair value gains / (losses), net       5,596,903   (15,323,607)
293,976,159 - (6,921,134) (1,671,388)
        At the end of the year
 318,848,883
 270,060,030
 12.4 EQUITY INVESTMENT INCOME/ (LOSS), NET
    31 December 2021 USD
   31 December 2020 USD
  Fair value gains / (losses), net 8,394,621 Dividend 823,714 Others 2,063,520
(20,068,429) 826,798 932,978
         11,281,855
  (18,308,653)
  102 ICD ANNUAL REPORT 2021





















































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