July 12, 2019 / 1:38 AM / 5 months ago

Japan Display says it has secured funding shortfall for $738 mln bailout deal

TOKYO, July 12 (Reuters) - Japan Display Inc said on Friday Chinese investment firm Harvest Group had formalised its decision to fill the shortfall to reach an 80 billion yen ($738 million) bailout deal, having secured a $100 million investment from a JDI customer.

A source has said that client was Apple Inc, which accounted for 60.6% of the smartphone screen maker’s revenue in the last financial year ended March.

JDI said it would hold an extraordinary shareholders meeting on Aug. 29 after securing the additional funding.

$1 = 108.3900 yen Reporting by Ritsuko Ando and Makiko Yamazaki Editing by Chang-Ran Kim

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