Apple supplier Japan Display will receive up to 80 billion yen ($723 million) in a bailout from a group of Chinese and Taiwanese investors, Kyodo news agency reported.
A group including China’s state-backed Silk Road Fund and Taiwanese panel maker TPK Holding Co will inject around 60 billion to 80 billion yen, taking a stake of 30-50 percent in Japan Display, Kyodo said.
The deal would make the group the top shareholder of the liquid crystal display (LCD) maker, replacing the Japanese government-backed INCJ fund, which currently owns 25.3 percent of the company, the report said on Tuesday.
"JDI has been in negotiations with several outside parties regarding alliances and is seeking an agreement in the near future. However, at present nothing has been decided with respect to this matter. Any decision relevant to this matter requiring disclosure will be promptly announced, "Japan Display said in a statement.
"The Kyodo News wire report also stated that JDI intends to explain its acceptance of investment from outside the company at its financial results presentation scheduled for February 14. However, the company does not have any plans to provide such an explanation," the Japanese company added.
Japan Display has been in talks with multiple investors over the investment and is aiming to clinch a deal by the end of March.
The Japanese LCD maker has delayed adoption of organic light-emitting diode (OLED) screens, loosing the chance to provide OLEDs to Apple for its iPhoneX devices.