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Japan Display Inc CEO Nobuhiro Higashiiriki attends a press conference in Tokyo, Japan on August 9, 2017. REUTERS / Issei Kato
TOKYO (Reuters) – Japan Display Inc., a provider of Apple Inc., announced Friday a fundraising 117 billion yen ($ 1.1 billion) through a rescue package from a Chinese group and taiwan
The group, which includes the Chinese badet management group Harvest and the Taiwanese TPK Holding touch screen manufacturer, will inject a total of 80 billion yen by buying stocks and bonds.
As a result, the group will hold 49.8% of the capital and will become the company's largest shareholder in place of the Japanese-backed INCJ fund, ending the government's efforts to keep the country's top national display manufacturer out of business. foreign scope.
The late switchover to organic light-emitting diode (OLED) displays and slower iPhone sales threaten Japan Display's survival.
Report by Makiko Yamazaki and Chris Gallagher; Edited by Muralikumar Anantharaman
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