The unit of Axiata Group Bhd, Malaysia’s biggest wireless carrier, is seeking an adviser to help with a potential sale, which could raise US$400 million to US$500 million, the people said, asking not to be identified discussing private information.

Considerations are preliminary and Link Net could decide against a deal, the people said.

A representative for Axiata said Link Net requires capital to accelerate its “fibre build,” but didn’t provide details on the size of the potential fundraising.

“Amongst many sources of capital, inviting investors to partner with us in this growth opportunity is one such source,” the spokesperson said.

Link Net declined to comment.

As part of a non-binding deal in December, Link Net agreed to transfer its fixed broadband business to Indonesian mobile operator PT XL Axiata.

Link Net has a market value of about 3.5 trillion rupiah (US$224 million). Its share price has fallen 43% over the past 12 months. XL Axiata is up 0.4% over the same period and Axiata Group has dropped 16%.