JDI to Get 60.4 B. Yen from Ichigo Asset Management
Tokyo, Aug. 26 (Jiji Press)--Japan Display Inc. <6740>, or JDI, will receive up to 60.4 billion yen in additional funds from Japanese investment advisory company Ichigo Asset Management Ltd., it was decided Wednesday.
A plan to procure the funds was approved at a general shareholders' meeting of the company in Tokyo the same day.
Despite the cash on hand, the struggling maker of small and midsize liquid crystal display panels is facing an uphill battle to diversify its revenue streams as the mainstay smartphone display panel business falters.
JDI President Minoru Kikuoka said he hopes swiftly to free the company of its dependency on LCD panels for smartphones, saying he "aims for 50 pct of production to be for things other than mobile devices."
JDI received 50.4 billion yen in financial aid from Ichigo Asset Management in March, resolving its excess liabilities. Of the additional funds, 5 billion yen is slated to be used as working capital while the rest will be used to pay off debts.
[Copyright The Jiji Press, Ltd.]