Luxembourg-based telecom operator Millicom International Cellular is planning to sell all or part of its operations in Asia, where it has businesses in Sri Lanka and Cambodia.

Luxembourg-based telecom operator Millicom International Cellular is planning to sell all or part of its operations in Asia, where it has businesses in Sri Lanka and Cambodia. Potential suitors are submitting their expressions of interest and Millicom has hired Goldman Sachs as the adviser for the deal. So far, the Axiata Group is planning to bid around $500 million for stake in the assets. According to industry sources, the move is strategic from Axiata’s point of view as it may help the company increase its earnings in the face of slowing growth in revenues from its Malaysian operations.