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Apple supplier Japan Display to get $700 million bailout from China, Taiwan group: Kyodo

Reuters  |  TOKYO 

(Reuters) - Ailing Apple supplier Inc will receive up to 80 billion yen ($723 million) in a from a group of Chinese and Taiwanese investors, agency reported.

A group including China's state-backed and Taiwanese will inject around 60 billion to 80 billion yen, taking a stake of 30-50 percent in Japan Display, said, without citing sources.

The deal, if realised, 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.

A for declined to comment, while and TPK Holding did not immediately reply to emailed requests for comment.

has previously reported that the size of the group's investment in could reach around 60 billion yen. It also reported that had denied it had been in talks with Japan Display.

A source familiar with the matter told that Japan Display has been in talks with multiple investors over the investment and is aiming to clinch a deal by the end of March.

But the source, who declined to be identified because the talks are private, did not give details of the potential deal.

The supplier has struggled with losses due to competition from cut-price Chinese players and slowing growth in demand.

Its delayed adoption of organic light-emitting diode (OLED) screens has also battered the LCD maker, as Apple opted for screens for its iPhoneX and bought them from rival Samsung Electronics Co.

($1 = 110.6100 yen)

(Reporting by Makiko Yamazaki and Yoshiyasu Shida; Editing by Himani Sarkar)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, February 12 2019. 16:20 IST