"We released the RFP (request for proposals) and briefing document to all potential bidders last week Friday. We are waiting for them to come back to us, and then we'll assess," he told Reuters. "We are planning on closing it in the second week of May."

A permanent sale of the 20% stake in SA;s second largest cellphone operator to telecoms-savvy investors is an important step in the delayed privatisation plan.

In January, the government sold the stake to an interim buyer, Dutch investor Ice Finance BV, to try to support the sickly rand, but leaving the firm still seeking strategic equity partners.

The Dutch passive investor paid $475 million for the stake - roughly an 18% premium over its price at the time. The search for telecoms-savvy partners for M-Cell has been made difficult by the high levels of debt accumulated by global telecoms firms.

Disposal of the stake, which was held by the government's transport utility Transnet, was initially scheduled for last year.

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