Japanese supplier to Apple gets $1.1 bln in bailout from Chinese group, state fund

TPK Holding Co

12/04/2019 09:06

TOKYO, April 12 (Reuters) - Apple Inc  AAPL.O  supplier
Japan Display Inc  6740.T  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  3673.TW ,
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.    
($1 = 111.8600 yen)

 (Reporting by Makiko Yamazaki and Chris Gallagher; Editing by
Muralikumar Anantharaman)
 ((Makiko.Yamazaki@thomsonreuters.com; 81-3-6441-1039;))