Japan Display Inc is in negotiations with Ichigo Asset Management to receive 90 billion yen ($830 million) in financial support, according to a source.
The company released a statement wherein it disclosed that it was in talks with Ichigo regarding investment, as well as a basic agreement on fund procurement. The company however said that the 90 billion yen ‘support’ was not something the company announced.
Last month, Japan Display reported its quarterly profit, detailing the company’s 11th consecutive quarterly loss. The smartphone display maker is still struggling to recover from its losses, as well as the Chinese investment firm Harvest backing out of a bailout plan. Japan Display has been struggling to raise at least 50 billion yen after this setback. Apple Inc, which Japan Display supplies, is also planning to invest $200 million, according to sources.
Ichigo is most likely to invest more than Japan Display’s $50 million target to allow the company to delve into other fields like research and development, the source who asked to remain anonymous said.
Japan Display was under examination the previous month when it was revealed that a fired executive from last year embezzled a total of $5 million from the company.
Japan’s Finance Minister Taro Aso expressed worries about the yen’s continual rise, calling it “rapid” and hinting at the strong currency’s impact on exports as Japan struggles through a recession. The yen’s ...
June had seen Japan’s industrial output breaking its four-month slump. The recuperation could be attributed to a modest recovery seen in broader business and consumer activity after the world’s third-biggest economy suffered from ...
Britain on Wednesday signed a supply deal for up to 60 million doses of a possible COVID-19 vaccine that is being developed by pharmaceutical companies GlaxoSmithKline (GSK) and Sanofi. The financial details of the agreement were not disclosed. However, ...
Japan’s first-quarter business spending came smaller than what was initially estimated, revised data showed on Monday. This underscored a sharper damage that the novel coronavirus pandemic had inflicted on the world’s third-biggest ...
Bloomberg News reported on Thursday that Elon Musk’s Space Exploration Technologies Corp. (SpaceX) is in talks to raise new funds at a valuation of $44 billion. The aerospace company said that it is in discussions with a number of investors ...