Toshiba Corp. has informed SK hynix Inc. of its new plan to sell stakes in its memory chip business, the South Korean company said Monday.

SK hynix submitted a non-binding bid last month to acquire a stake in Toshiba's chip business. In a regulatory filing, SK hynix said it will make an announcement when it decides to make a final bid.

In January, Toshiba said it would sell a roughly 20 percent stake in its memory operations as it struggles with multibillion dollar write-downs from its nuclear power business in the United States. The company
later decided to sell most of the chip business and wants to raise at least 1 trillion Yen ($8.79 billion).