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Japan Display to raise $500m to supply key customer Apple

iPhone maker's shifting screen demands whipsaw LCD company

Japan Display Inc. has explored capital partnerships for producing advanced OLED displays, but talks have stalled.   © Reuters

TOKYO -- Japan Display plans to procure about 55 billion yen ($517 million) through third-party share allocations and asset sales, it said Friday, scrambling for capital so it can supply screens for new iPhones.

The restructuring liquid crystal display maker plans to secure about 35 billion yen through private placements of newly issued shares. It expects to receive 30 billion yen from about 15 overseas institutional investors, with the largest stake -- worth 6 billion yen -- going to a Hong Kong investment manager. Nichia would invest the other 5 billion yen, granting the maker of light-emitting diodes for LCD panels a 3.5% stake on a voting-rights basis.

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