(Telecompaper) The biggest single bid for Telekom Srbija could reach EUR 1.2 billion and it comes from a foreign investment fund, reports Vecernje Novosti. According to the same source, a Russian operator is also prepared to increase its initial bid. A total of eight possible bidders are in the race, including investment funds. Serbia is selling a majority state share package (58.11%) in Telekom Srbija. Small shareholders currently have 21.89 percent, while the remaining 20 percent is owned by the company itself.