Japan Display, in need of funds, says Taiwan's TPK decided not to invest (updated)

TPK Holding Co

17/06/2019 03:12

* Japan Display seeking funds from Chinese-Taiwanese
consortium
    * Consortium member TPK had proposed investment of $230
million
    * Says Harvest, Oasis to decide on investment by June 27
    * Japan Display hit by slowing iPhone sales, late OLED
switch

 (Adds background, share price movement)
    TOKYO, June 17 (Reuters) - Japan Display Inc  6740.T  on
Monday said it has received notice from TPK Holding Co Ltd
 3673.TW  that the Taiwanese screen maker has decided not to
invest a proposed $230 million, muddying the outlook for the
Apple Inc  AAPL.O  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.
 urn:newsml:reuters.com:*:nL4N23L27Q
    Japan Display had planned to raise 80 billion yen ($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 Ltd and Topnotch Corporate
Ltd, from which it was expecting a combined $130 million.
    Harvest Group and new consortium member Oasis Management
Company Ltd 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 Ltd  6501.T ,
Toshiba Corp  6502.T  and Sony Corp  6758.T  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.

($1 = 108.6400 yen)

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Japan Display says has not received notice about Chinese
investment     urn:newsml:reuters.com:*:nL4N23L27Q
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 (Reporting by Takashi Umekawa; Editing by Christopher Cushing)
 ((Takashi.Umekawa@thomsonreuters.com;))