JDI in Negotiations for Capital Injection: Next Pres.
Tokyo, June 18 (Jiji Press)--The next president of Japan Display Inc. <6740> said Tuesday that the struggling company is "in negotiations" with a consortium of Chinese and Taiwanese firms to receive a repeatedly delayed capital injection.
"We're in negotiations to procure the 80 billion yen (in a capital injection) in the right manner," JDI Managing Executive Officer Minoru Kikuoka said at a shareholders' meeting. JDI reached a basic agreement in April to receive up to 80 billion yen in investment from the consortium.
Kikuoka is set to become president of JDI, a maker of small and midsize liquid crystal display panels, on Oct. 1.
During the meeting, current JDI President Yoshiyuki Tsukizaki apologized for the company's five straight years of red ink from the year to March 2015.
Tsukizaki underscored the company's plans of strengthening non-smartphone businesses such as in-vehicle products to reduce its dependence on unstable smartphone panel operations. JDI's customers include Apple Inc.
[Copyright The Jiji Press, Ltd.]