Japan Display (JDI) announced that it has finally secured the 80 billion Yen (around $740 million) bailout plan. The large investment will come from the China-based Harvest Group, Hong Kong-based activist investor Oasis Management and an unnamed JDI customer - which is likely to be Apple.
Japan Display says that it plans to hold a shareholders meeting on August 29th to formalize the bailout plan.
In August 2017, Japan Display announced a last-resort strategic focus on OLED displays as the Japanese display maker failed to shift to OLED displays in time. In 2017 JDI announced it is beginning to seek funds for the change in focus, and it is great to hear that the funds have finally been secured. It is reported that JDI may spin-off its LCD smartphone business as it plans to focus entirely on OLED technologies.
According to an earlier report from Reuters, JDI will start supplying Apple with OLED displays for its 2019 smartwatch device.