Shareholders OK Japan Display's Share Issue Plan
Tokyo, Sept. 27 (Jiji Press)--Struggling liquid crystal display panel maker Japan Display Inc. <6740> won approval by a majority vote for its share issue plan to raise 80 billion yen, at an extraordinary meeting of its shareholders in Tokyo on Friday.
The meeting came a day after Japan Display said it had been notified by Chinese investment fund Harvest Tech Investment Management Co. of its intention to leave a consortium to bail out the company, making the course of the troubled firm's reconstruction uncertain.
At the shareholders meeting, Japan Display's plan to appoint Managing Executive Officer Minoru Kikuoka as its new president was also approved by a majority vote.
The company had expected to raise 80 billion yen from the consortium, with the Chinese fund seen contributing more than 60 billion yen.
"There is no problem in our fund raising," Kikuoka said at the outset of the meeting, pointing out that INCJ Ltd., a Japanese government-backed investment fund and the top shareholder of Japan Display, is poised to continue providing support to the company.
[Copyright The Jiji Press, Ltd.]