Japan Display Inc. - Capital raising through share issue and sale of factory
Leading Japanese law firm Nishimura & Asahi has advised Japan Display Inc. (“JDI”) on its capital raising, through a new share issue and the sale of one of its factories, to increase output of the latest liquid crystal displays for smartphones.
As part of the capital raising, JDI will issue new shares worth JPY 30 billion (US 282 million) to thirty overseas funds, and worth JPY 5 billion to Japanese LED maker Nichia Corporation. It will also raise about JPY 20 billion from the Innovation Network Corp of Japan (“INCJ”), by selling an idled plant in northwest Japan to INCJ, which INCJ will transfer to JOLED Inc., a JDI affiliate that produces OLED screens.
JDI was formed in 2012 through the government-sponsored merger of parts of Sony Corporation, Hitachi Ltd., and Toshiba Corporation.