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Japan Display to receive US$640m in state-fund aid
[TOKYO] Japan Display Inc's state-backed main investor has agreed to provide 75 billion yen (S$924 million) in aid to the struggling display maker, in a publicly funded bailout to help it reduce its dependence on Apple Inc.
The Innovation Network Corp of Japan (INCJ) will purchase 45 billion yen's worth of convertible bonds to be issued by Japan Display, Japan Display said in a regulatory filing on Wednesday.
INCJ, which has a 36 per cent stake in the firm, will also provide 30 billion yen in subordinated loans, the filing showed.
The funds will allow Japan Display to invest in advanced screens for cars and gaming headsets as growth in the smartphone market slows.