JDI to Receive Additional Support from Japanese State-Backed Fund
Tokyo, May 30 (Jiji Press)--Japan Display Inc. <6740>, a struggling maker of small and midsize liquid crystal display panels, said Thursday that it will receive additional support from INCJ Ltd., a government-backed investment fund.
The additional support from INCJ, the biggest shareholder of JDI, is designed to help accelerate talks on investment in the company by a consortium of Chinese and Taiwanese firms.
JDI said that the consortium that includes Chinese investment funds and Taiwanese touch screen maker TPK Holding Co. will make a final decision on the investment by June 14.
In April, JDI reached a basic agreement to receive up to 80 billion yen in financial support from the consortium. But some members of the consortium later turned cautious, leaving talks between JDI and the consortium stalled.
As the additional support, JDI will be exempt from repaying some 45 billion yen in loans from INCJ in return for handing over all its stake in Japanese organic light-emitting diode display maker JOLED Inc.
[Copyright The Jiji Press, Ltd.]