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Ichigo Asset Management offers ¥90B support to Japan Display

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Ichigo Asset Management offers ¥90B support to Japan Display

Apple Inc. supplier Japan Display Inc. will agree to an estimated ¥90 billion in financial support from Ichigo Asset Management Ltd. in the absence of an alternative package from its current group of investors, London's Financial Times reported.

Japan Display said it would sign the deal with Ichigo if the remaining members of the Taiwanese-Chinese consortium fail to provide an alternative package by the end of this month.

Taiwanese electronics manufacturer Wistron Corp., another supplier to Apple, is also in talks to invest about US$50 million. Prior to the new pledge of investment, Apple reportedly joined a consortium of clients that agreed to a ¥40 billion relief package for Japan Display.

The recent developments come after the Japanese manufacturer lost a capital injection worth ¥80 billion from Chinese investment company Harvest Tech Investment Management. CGL Group and Taiwan's TPK Holding also backed out of their commitments to invest in Japan Display.

Among the investors that have not yet withdrawn their commitments are Hong Kong-based Oasis Management Co.Ltd. and Harvest Tech former general manager Winston Lee.