Japan Display to sell screen plant to Sharp for US$390m, repay debt to Apple

[TOKYO] Japan Display said on Friday it has agreed to sell a smartphone screen plant to Sharp Corp for US$390 million, raising funds to repay debt it owes Apple Inc for the plant construction costs.

The company said in a statement it will also sell screen plant equipment at the central Japan factory to "an overseas customer" for US$285 million. Sources have said the customer is Apple.

As Japan Display owes Apple more than US$702.5 million for the US$1.5 billion cost of building the plant five years ago, Japan Display said the US$675 million funds to be raised from the plant and equipment sale would be used for repayment.

REUTERS