Apple Supplier Japan Display Loses Key Investor From Bailout Consortium

Japan Display had planned to raise around $740 million from a Chinese-Taiwanese consortium.

Apple Supplier Japan Display Loses Key Investor From Bailout Consortium

Japan Display on Monday said it has received notice from TPK Holding that the Taiwanese screen maker has decided not to invest a proposed $230 million, muddying the outlook for the Apple supplier. The decision is a blow to the Japanese smartphone display maker which has been seeking a cash injection to recover from the impact of slowing sales of Apple's iPhone as well as a late shift to organic light-emitting diode (OLED) screens.

Japan Display had planned to raise JPY 80 billion ($740 million) from a Chinese-Taiwanese consortium involving TPK. On Monday, it also said it had not yet received any notice from consortium members Cosgrove Global and Topnotch Corporate, from which it was expecting a combined $130 million.

Harvest Group and new consortium member Oasis Management Company will decide whether to invest by June 27, Japan Display said.

Japan Display was formed in 2012 by combining the liquid-crystal display businesses of Hitachi, Toshiba, and Sony in a government-brokered deal. It went public in March 2014, at which time it was worth over 400 billion yen.

Japan Display's share price was down as much as 11% in Tokyo morning trade.

© Thomson Reuters 2019


For the latest tech news and reviews, follow Gadgets 360 on Twitter, Facebook, and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel.

Further reading: Japan Display
Elon Musk Changes Twitter Name to Daddy DotCom, Tweets ‘Deleted My Twitter Account’
Indians Won't Mind Ads on Netflix, Amazon Prime Video if Given Good Deal, Research Report Claims
Share on Facebook Tweet Snapchat Share Reddit Comment



© Copyright Red Pixels Ventures Limited 2022. All rights reserved.