Apple supplier Japan Display Inc said on Monday it aims to raise as much as $990 million in new financing as early as this week, sending shares of the struggling manufacturer sharply higher.
Japan Display, one of the world’s top vendors of liquid crystal display (LCD) panels used in iPhones, has been battered by Apple’s shifting fortunes. It has been particularly hurt by a slowdown in iPhone sales and a proliferation of new models that use newer, organic light-emitting displays (OLED).
Japan Display said it is aiming for a total capital increase of 110 billion yen ($990 million). As much as 80 billion yen of that would be through the issuance of stocks and bonds to external investors, an agreement it aimed to reach this week, it said.
It did not name the external investors, although two sources with direct knowledge of the matter had previously told Reuters it was looking to an investor group, led by China Silkroad Investment Capital, for a bailout.―Reuters