Malaysian telecom firm Axiata has expressed interest to buy the Sri Lankan and Cambodian assets of Luxembourg-based telecom operator Millicom worth at least $500 million, sources with direct knowledge of the deal told Reuters.

Axiata, Malaysia's second-biggest mobile phone operator, is among a number of bidders that have expressed interest to buy the Asian assets of Millicom, one of the sources said on Wednesday.

JPMorgan is advising Axiata on the Sri Lankan assets and Bank of America-Merrill Lynch on the Cambodian assets, a second source said. Both the assets could be worth at least $500 million, the sources said.

JPMorgan, Merrill Lynch and Axiata declined comment. A spokeswoman from Axiata said the company would make an announcement if any corporate action is made.

Millicom said last week it had appointed Goldman Sachs to advise it on a strategic review of its Asian business and several potential investors were eyeing the assets.

(Reporting by Saeed Azhar and Julie Goh; Editing by Anshuman Daga)