In line with the call published in business papers Finance and The Financial Times and on SOD's website (http://www.so-druzba.si/en-us), interested parties have until 23 April to submit expressions of interest to the financial adviser in the deal, Citigroup Global Markets.

The collection of expressions of interest is the first phase in selecting a buyer and will be followed by an opportunity to conduct a due diligence for parties which will be selected to enter the next phase of the sale.

Telekom Slovenije is the biggest name on the list of 15 companies the government has slated to sell in the first wave of privatisation and is expected to garner the most interest from investors.

The state is selling a combined 72.75% stake, while several other bidders have joined the sale to raise the total stake on offer to 75.58%.

The sale is the latest in a series of attempts to privatise the telco since Slovenia's independence. The last time the company was on sale was in 2008, when the state offered a 49.7% stake.

Back then seven potential bidders emerged, while two bidders - Bain Capital & Axos Capital & BT and Icelandic operator Skipti - remained in the running until the very end.

However, the commission overseeing the sale concluded its work by proposing that privatisation be halted, as negotiations on improving the bids failed to result in an agreement.

Recent media reports have indicated that there is significant interest among major European telecommunications companies.

As back in 2008, Germany's Deutsche Telekom is expected to be among the leading bidders. While British Telekom is reportedly not planning on a renewed bid and Norway's Telenor is keeping its cards close to the vest, interest has been expressed by Russian and Turkish companies.

The state as the seller and the financial adviser have reserved the right to amend or terminate the current sales procedure without providing a reason.