Sharp CEO says company consider investing in Japan Display
Sharp CEO and Chairman Tai Jeng-wu said his business would ponder investing in Japan Display Inc. when the distressed display manufacturer requests for financial assistance.
After the quarterly shareholder’s conference of the company in Sakai, Osaka Prefecture, Tai commented at Sharp’s business strategies conference. It also arises after the withdrawal of some consortium participants who participated in Japan Display from the funding agreement.
“As the CEO of a renowned Japanese business, I would like to meet my responsibilities on issues influencing Japanese society,” Tai said.
The Chinese-Taiwanese consortium decided in April to give the display maker up to 80 billion yen ($748 million), but this month Taiwan’s TPK Holding Co. and a Taiwanese private equity fund CGL Group fell out of the investment injection scheme.
The only surviving part of the consortium, China’s Harvest Tech Investment Management Co., has notified Japan Display that it will finalise a bailout plan choice by Thursday, while the fresh perspective promoter, Oasis Management Co. of Hong Kong, will create its ultimate decision on whether to give economic assistance by Thursday.
A intends to combine Sharp and Japan Display’s fluid crystal display screen companies headed by state-backed finance INCJ Ltd., presently the screen maker’s primary promoter, momentarily emerged before Sharp was purchased by Taiwan’s Hon Hai Precision Industry Co. in August 2016.
Hit by dropping supply from Apple Inc., Japan Display suffered a collective net drop in the business year finished in March for the third consecutive year.