The privatisation of Telekom Srbija is likely to be completed in the second half of November, according to Zeljko Sertic, the Serbian economy minister.
However, quoted by Blic, he refused to reveal the stage the process was now at or how much the sale would be for.
It is understood that eight companies have submitted non-binding bids for the incumbent telco.
They include Advent International, the European Bank for Reconstruction and Development (EBRD), Mid Europa Partners, Telekom Slovenije, Abu Dhabi Investment Authority (ADIA) and Colbeck Capital Management.
Sources close to negotiations expect only two or three will eventually lodge binding offers.