Initially, the sale was to be complete by 19 January and reports suggested in November five or six potential buyers had already come forward.

The sale is being rushed to provide much needed working capital for the struggling company, and to prevent last year's EUR 6m capital increase by the state from being classified by the EU as state aid.

The prospective buyer will have to provide EUR 2m in fresh capital, but chairman Janez Sajovic expressed hope as the sale was launched for at least EUR 6m to finance emergency investments.

AUKN has persuaded small shareholders in November to sell the combined 100% stake in the troubled company that never recovered from the loss of Yugoslavian markets.

The state holds 66.8% in the company through AUKN, another 25.2% is held by state-run DSU fund, while banks Gorenjska banka and SKB hold 5.9% and 2.1%, respectively.

It posted a loss of EUR 2m last year on sales of EUR 17.6m, but Sajovic says sales dropped this year.