Japan Display's logo at its headquarters in Tokyo

Leading screenmaker to list on Tokyo exchange

The world's biggest maker of screens for tablets and smartphones has gained approval to list on the Tokyo stock exchange

The $3.8bn (£2.3bn) sale next month will allow a government-backed fund, which spent 200bn yen (£1.2bn) on a controlling stake in Japan Display, to recoup its investment and the supplier of Apple and Samsung will also issue new shares to help fund investment in equipment as it builds capacity to meet rising orders from markets including China.

The company was formed from the ailing display units of Hitachi, Sony and Toshiba in 2012, but its majority shareholder, the government-backed Innovation Network Corporation of Japan, has since engineered a turnaround.

The company has managed to stage a sharp earnings recovery on booming worldwide consumer demand for mobile devices, claiming the top share of the small and midsize panel market in 2013.

The firm plans to invest 17bn yen to increase production of modules for mid-tier smartphones for the Chinese market while 2.5bn yen will be invested in a factory in central Japan that makes LCD panels used in cars.

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