The Serbian government will not sell Telekom Srbija, Serbia's national telecommunications company, below the determined minimum price of EUR 1.4 billion, Serbian Prime Minister Mirko Cvetkovic said in a statement delivered to Tanjug.

According to the statement, the formal proposal of the decision will be made by the working group in charge of the sale of Telekom Srbija, after the analysis of the technical aspect of Telekom Austria's bid.

The decision not to sell Telekom Srbija below the determined price will in no way jeopardize the budget liquidity or the financing of Serbia's development projects, Cvetkovic's statement reads.

Telekom Austria was the only one to submit a EUR 1.4 billion bid at the international tender for the sale of 51 percent of shares of Telekom Srbija. At the public opening of bids on Monday, it was stated that Telekom Austria offered EUR 950 million for Telekom Srbija's capital and EUR 450 million for investments.

The tender for the sale of 51 percent of shares of Telekom Srbija was invited on October 20, 2010.