IRICO Display Devices aims to raise $3.6 bln to fund LCD projects

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China’s IRICO Display Devices plans to invest 23 billion yuan ($3.56 billion) in glass substrate and TFT-LCD projects funded through a private placement of shares, it said on Tuesday.

The state-backed display company said in a stock exchange statement that it would raise the funds by issuing up to 3.5 billion shares at 6.74 yuan per share.

The proceeds of the share placing will be divided into three parts, it said, with 14 billion yuan invested in a 8.6 generation TFT-LCD project and 6 billion yuan going to a 8.5 generation LCD glass substrate project. The remaining 3 billion yuan will be used for the company’s working capital.

IRICO Display Devices returned to a net profit of 50.2 million yuan in 2015 following a net loss of 1.0 billion yuan a year earlier.

Trading in its shares, which had been suspended since March 21, will resume on April 13.

(Reporting by Twinnie Siu and Meg Shen, editing by Louise Heavens)