Companies were invited to send non-binding offers by Aug 2 2015. The government will be assessing the bids in the next two weeks and a decision is expected after August 17.
"If we are happy with the offers, we will launch the privatisation process and if not, we will stop it," said Rasim Ljajic, Serbia's minister in charge of telecommunications, trade and tourism.
Deutsche Telekom, Telekom Austria and several investment funds are said to be interested in acquiring the operator. In addition a US ambassador to Serbia said that four US firms had also expressed interest in purchasing the stake.
