Tech and Science News
Japanese supplier to Apple gets $1.1 billion in bailout from Chinese group, state fund
TOKYO (Reuters) - Apple Inc supplier Japan Display Inc said on Friday it will raise 117 billion yen ($1.1 billion) in a bailout from a Chinese-Taiwanese group and from its top shareholder.
The group, which includes Chinese asset management group Harvest and Taiwanese touch panel maker TPK Holding, will inject a combined 80 billion yen by buying shares and bonds.
As a result, the group will own a 49.8 percent stake and become the largest shareholder in the company in place of the Japanese government-backed INCJ fund, effectively ending the government’s efforts to keep the last remaining domestic display maker out of foreign hands.
A late shift to organic light-emitting diode (OLED) screens and slowing iPhone sales are threatening Japan Display’s survival.
Reporting by Makiko Yamazaki and Chris Gallagher; Editing by Muralikumar Anantharaman
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