Telekom Srbija has been open to offers since September last year, and posted a steep decline in net income last week.
Aleksandar Ljubic, state secretary at the Finance and Economy Ministry in Serbia, told reporters that it is struggling to find a strategic partner.
"If there was an offer from a potential strategic partner that would enable the company secure, long-term stability, innovation and investment, and to retain its first place in the country and region, then the government would consider such an offer," he said.
As it stands, the government holds a 58.11% stake in Telekom Srbija; Serbian citizens hold 14.95%; 6.94% is owned by current and former employees and Telekom Srbija owns the remaining 20%.
The Serbian government is looking at offers of at least €2.5 billion for full acquisition of the company.
