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Copyright 2017 Kyodo News Service
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Japan Economic Newswire
December 5, 2017 Tuesday 10:45 AM GMT
238 words
JOLED announces plan to raise 100 bil. yen to fund production surge
TOKYO, Dec. 5

JOLED Inc., a developer of organic light-emitting diode displays, said Tuesday it is seeking to issue some 100 billion yen ($890 million) worth of new shares by the end of March to fund an expansion in its production capacity.

Chief Technology Officer Yoneharu Takubo announced the third-party allocation of new shares at a press conference in Tokyo.

The company, spun off from Sony Corp. and Panasonic Corp. in 2015 with government backing, said it is in talks it hopes will lead to investment from Japanese and foreign manufacturers of materials and equipment used in the production of panels used in smartphone and television displays.

The funding plan, first reported in October, will enable an approximately tenfold increase in panel production. Two-thirds of capital raised will be used to set up manufacturing equipment in borrowed space at a factory of Japan Display Inc. on the Sea of Japan coast, while the remaining third will cover running costs.

Japan Display is a 15 percent shareholder in JOLED.

OLED displays have been touted as a next-generation alternative to liquid crystal displays, with Apple Inc. using the newer technology in its high-end iPhone X.

JOLED has developed a new method of manufacturing the panels at a lower cost than global leaders LG Electronics Inc. and Samsung Electronics Co. But its current production base, located in Ishikawa Prefecture, can only produce 2,000 display panels per month.

December 6, 2017
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