Japan Display Reaches 80-B.-Yen Fund Procurement Goal
Tokyo, July 12 (Jiji Press)--Japan Display Inc. <6740> said Friday a Chinese fund has decided to make an additional investment of about 10 billion yen in the maker of small and midsize liquid crystal display panels, a move enabling the struggling company to reach its target of securing up to about 80 billion yen in fresh capital.
The development comes after the Chinese fund, Harvest Tech Investment Management Co., decided on June 28 to pump 52.2 billion yen into Japan Display.
Hong Kong fund Oasis Management Co. said late last month that it will provide between 16.1 billion and 19.3 billion yen to the Japanese company if certain conditions are met.
Japan Display also said that it plans to spin off its smartphone display operations by year-end and seek capital injection into the separated firm from outside investors.
The plan will be explained at a general meeting of Japan Display shareholders on Aug. 29.
[Copyright The Jiji Press, Ltd.]