Japan Display shares soar on report it will mass-produce OLED panels

Kiyoshi Ota | Bloomberg | Getty Images

A high-definition liquid crystal display (LCD), developed by Japan Display, at the company’s plant in Mobara, Chiba Prefecture, Japan, on June 3, 2013.

Shares of Japan Display jumped as much as 24 percent on Wednesday after the Nikkei business daily reported the company had developed a way to mass-produce lower-cost organic light-emitting diode (OLED) screens and would start as early as in 2019.

The Nikkei said Japan Display had started approaching dozens of potential investors including

Sony and Canon to raise 100 billion yen ($888 million) for mass production.

Japan Display said in a statement the reported details were not something it announced but that its group firm JOLED was considering ways to utilise its domestic factory for mass production of OLED panels.