As many as four potential buyers were shortlisted to take a stake in Malaysia-based Axiata Group’s tower business edotco, in a sale with the potential to raise as much as $750 million, Bloomberg reported.

The news agency indicated the next round of bidding will include CVC Capital Partners, I Squared Capital, Stonepeak Partners and a Mitsui-led consortium involving KDDI and JTower involved.

Bloomberg noted if existing edotco shareholders, including Axiata Group, opt to offload their stakes, the share sale could generate more than $1 billion.

The potential buyers are undertaking due diligence, with a deadline for binding bids in mid-May Bloomberg stated.

Axiata Group was tipped to raise funds to fuel growth across Asia Pacific through a sale of shares in 2022.

The tower unit’s revenue grew 27.3 per cent year-on-year to MYR676.2 million ($153 million) in Q4, with net profit down 13.9 per cent to MYR55.3 million.