Japan Display to hold funding talks with Ichigo Asset Management today

On Thursday, according to a source with knowledge of the matter at hand, Japan Display Inc, an Apple Inc supplier, is in talks with Ichigo Asset Management, to receive funding for up to $830 million (90 billion yen).

In a statement, Japan Display stated, it was “in talks with Ichigo for investment” and plans to reach a basic agreement on the procurement of funds from the asset manager at a board meeting on Thursday.

In November 2019, Japan Display had reported its 11th consecutive quarterly loss. It is scrambling to raise at least 50 billion yen following the pullout of a Chinese investment firm from its bailout plan.

Apple intends to invest $200 million, sources with direct knowledge of the talks had said earlier.

According to the source who spoke on the condition of anonymity since the talks are private, Ichigo is likely to invest beyond that 50 billion yen target so that Japan Display can continue its research and development activities.

Last month, Japan Display came under regulatory scrutiny following reports that an executive, who was fired last year, had embezzled around $5 million.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s