Taiwan Group Leaves JDI Support Consortium

Economy

Tokyo, June 25 (Jiji Press)--Japan Display Inc. <6740> said Tuesday that Taiwanese financial group CGL has withdrawn from a China-Taiwan consortium set up for providing up to 80 billion yen in financial support to the ailing Japanese liquid crystal display panel maker.

The move came after Taiwanese touch screen maker TPK Holding Co. dropped out of the consortium earlier this month.

In April, JDI basically agreed to receive a maximum of 80 billion yen in fresh capital from the consortium comprising the two Taiwanese firms and Chinese fund Harvest Tech Investment Management Co.

But the consortium has repeatedly put off an official decision on the investment, due to concerns over JDI's financial condition. CGL was planning to provide about 14 billion yen to JDI.

In a statement on Tuesday, JDI said that there is no change in its plan to procure up to 80 billion yen.

[Copyright The Jiji Press, Ltd.]

Jiji Press