TOKYO- Struggling Japan Display Inc, a supplier to Apple Inc, is in talks to receive up to 90 billion yen ($830 million) in financial support from Ichigo Asset Management, a person with knowledge of the matter said on Thursday.
The smartphone display maker said in a statement it was in talks with Ichigo for investment and planned to discuss reaching a basic agreement on fund procurement from the asset manager at a board meeting on Thursday. It added that the 90 billion yen figure was not something the company had announced.
Japan Display, which last month reported its 11th consecutive quarterly loss, has been scrambling to raise at least 50 billion yen after Chinese investment firm Harvest pulled out of a bailout plan. Apple intends to invest $200 million, people with direct knowledge of the talks said earlier.
Ichigo is likely to invest beyond that 50 billion yen target so Japan Display can fund research and development, said the person, who asked not to be identified because the talks are private.
Japan Display came under scrutiny last month after it began a review of past earnings reports following revelations that an executive, who was fired last year, had embezzled about $5 million.
(Content and photos syndicated via Reuters)