Toshiba corp.said Friday that it has concluded an absorption type company split agreement in respect of the memory business. The company said it will commence the procedure aiming to make a final decision in early fiscal 2017, which starts in April.

Extraordinary general meeting of shareholders for approval of the company split will take place on March 30 and the company split will be effective from April 1, 2017.

Earlier this week, Toshiba reportedly planned to raise at least 1 trillion yen or $8.8 billion from the sale of its memory chip business.

Toshiba is grappling with a $6.3 billion writedown at its nuclear division, which is suffering massive cost overruns in the construction of nuclear power plants in the U.S. and China. Last week, President Satoshi Tsunakawa said selling a majority stake in the company's highly-prized flash memory chips business may be inevitable to shore up its balance sheet.