Rapidus Gets 267.6 B. Yen in Public, Private Funds

Tokyo, Feb. 27 (Jiji Press)--The Japanese government said Friday that the public and private sectors have invested 267.6 billion yen in Rapidus Corp.

The government supplied 100 billion yen and 32 companies 167.6 billion yen to the Tokyo-based company seeking to mass-produce cutting-edge semiconductors, with the government becoming the top shareholder.

"The state will lead and provide strong support for the national project that must succeed," industry minister Ryosei Akazawa told a press conference after the day's cabinet meeting.

In the investment deal, the government's voting rights are limited to 11.5 pct to keep its say minimum under normal circumstances. But they will be raised up to 40 pct if the chipmaker's management worsens. The government also holds a "golden share" so it can veto key management decisions.

The state-owned voting rights will go up to 60 pct if the government puts up additional 150 billion yen by March 2027 as planned, government officials said.

[Copyright The Jiji Press, Ltd.]