China Mobile Ltd has held talks about purchasing a minority stake in Axiata Group Bhd, Malaysia's largest wireless carrier by market value, sources with knowledge of the matter said.

The Beijing-based company asked to buy about 20 percent of Axiata, a stake that would be valued at more than $3.7 billion based on Tuesday's closing price, said one of the sources, asking not to be named as the information is private.

No agreement was reached, as Axiata and its largest shareholder, Khazanah Nasional Bhd, the Malaysian government's investment holding arm, are unwilling to sell that much stock, and they consider the offer too low, sources said.