Japan Display says it has secured funding shortfall for $738 million bailout deal

Technology

FILE PHOTO: The logo of Japan Display Inc is seen at the company’s production line for LCD panels in its factory in Mobara, Chiba prefecture, June 3, 2013. REUTERS/Toru Hanai/File Photo

TOKYO (Reuters) – Japan Display Inc said on Friday Chinese investment firm Harvest Group had formalized its decision to fill the shortfall to reach an 80 billion yen ($738 million) bailout deal, having secured a $100 million investment from a JDI customer.

A source has said that client was Apple Inc, which accounted for 60.6% of the smartphone screen maker’s revenue in the last financial year ended March.

JDI said it would hold an extraordinary shareholders meeting on Aug. 29 after securing the additional funding.

Reporting by Ritsuko Ando and Makiko Yamazaki; Editing by Chang-Ran Kim

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