Malaysian telco Time dotcom is reportedly looking to sell off its data center business.

Bloomberg reports, citing unnamed sources ‘familiar with the matter,’ that the company is considering strategic options for its data centers business.

The company is working with financial advisers on a strategic review for AIMS Data Centre that could lead to a stake sale; Time could raise about $500 million to $600 million in a deal.

Potential bidders including industry players and infrastructure funds have expressed preliminary interest in taking a stake, with the company potentially looking to keep a minority interest in the business.

Backed by Malaysia’s sovereign wealth fund Khazanah Nasional Bhd, Malaysian stock exchange-listed Time offers fixed-line voice and broadband services to consumers and businesses, as well as enterprise solutions in areas such as cloud and security. Beyond Malaysia, it has stakes in providers in Vietnam and Thailand.

AIMS offers colocation, managed services, and disaster recovery offerings from three data centers in Malaysia – one in Kuala Lumpur and two in Cyberjaya – and one in Bangkok, Thailand. On its website, the company lists plans for three more facilities in Vietnam.

In January, AIMS acquired a 13-story office building in Kuala Lumpur. Time didn’t detail its plans for the building, completed in 1992, beyond saying it plans to expand its operational facilities.

The rumor is the latest report around a Southeast Asian company eyeing a sale of its data center business in the last 12 months.

Last September, Bloomberg reported that PLDT was considering selling its ePLDT/Vitro data center business for around $500 million. However, the company’s chairman recently suggested the company had cooled on the idea following the sale of a large number of cell towers.

Globe Telecom recently announced it was selling a stake in its newly-spun out data center business to STT GDC and Ayala Corp after reports had circulated about a potential sell-off.

Ooredoo’s Indonesian Unit PT Indosat was also reported as considering a sale of its data center business in September, later announcing BDx as the preferred bidder.

Thai conglomerate Charoen Pokphand Group was reported in September as looking to sell its TrueIDC unit.

Following rumors about seeking a sale in April 2021, DigitalBridge acquired PCCW’s data center unit in July, comprising facilities across Hong Kong, mainland China, and Malaysia.

GLP was seemingly close to a sale of its data center business to GDS last year, and is still looking for an investor to take a stake in the unit.