Japan Display in Talks to Raise over 110 B. Yen
Tokyo, April 1 (Jiji Press)--Japan Display Inc. <6740> is in talks with external parties to raise more than 110 billion yen in fresh capital, the struggling Japanese maker of small and midsize liquid crystal display panels said Monday.
The company said it aims to reach an agreement this week. "An announcement will be made as soon as any agreement has been reached," it said.
JDI has been in talks with a consortium of Chinese and Taiwanese firms as well as INCJ Ltd., a Japanese government-backed investment fund, informed sources said.
Under JDI's plan, it would sell new shares and bonds totaling 60 billion to 80 billion yen to the consortium, which includes a Chinese investment fund and Taiwanese touch screen manufacturer TPK Holding Co., the sources said.
INCJ, the top shareholder of JDI, is considering its own support measures, such as swapping the company's debt for new preferred shares.
[Copyright The Jiji Press, Ltd.]