Japanese supplier to Apple gets $1.1 billion in bailout from Chinese group

The group will inject a combined 80 billion yen by buying shares and bonds.

Apple Inc supplier Japan Display Inc said on Friday it will raise 117 billion yen ($1.1 billion) in a bailout from a Chinese-Taiwanese group and from its top shareholder.

The group, which includes Chinese asset management group Harvest and Taiwanese touch panel maker TPK Holding, will inject a combined 80 billion yen by buying shares and bonds.

As a result, the group will own a 49.8 percent stake and become the largest shareholder in the company in place of the Japanese government-backed INCJ fund, effectively ending the government’s efforts to keep the last remaining domestic display maker out of foreign hands.

A late shift to organic light-emitting diode (OLED) screens and slowing iPhone sales are threatening Japan Display’s survival.