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Report: Harvest Tech withdraws plan to invest in Japan Display

Harvest Tech Investment Management Co. Ltd. is backing out from a financial bailout scheme for Japan Display Inc., the Nikkei Asian Review reported, citing sources.

The Chinese investment firm earlier pledged to contribute ¥63.3 billion in a plan to acquire majority control in the Apple Inc. supplier.

It was reported in June that Apple was also considering plans to invest US$100 million in the Japanese company through Harvest Tech Investment.

The joint venture, Suwa Investment Holdings LLC, which includes Taiwan-based TPK Holding Co. Ltd., planned to enter into an ¥80 billion transaction to acquire control of Japan Display. However, TPK, together with other supposed investors, Cosgrove Global Ltd. and Topnotch Corporate Ltd., together known as the CGL Group, withdrew from the plan.

As of Sept. 25, US$1 was equivalent to ¥107.70.