Turk Telekom TTKOM.IS said on Friday it will bid in a tender to buy a 78 percent stake in Kyrgyzstan monopoly Kyrgyztelecom following its completion of technical studies on the tender on Thursday, reports news agency Reuters.

Kyrgyzstan said last month it planned to sell the stake for at least $45 million.

“Turk Telekom completed technical studies yesterday for the Kyrgyz telecom tender, and it will bid,” Turk Telekom Chief Executive Paul Doany told a news conference.

In 2004, Germany’s Detecon won a previous tender for the stake after offering $16.2 million. But the Central Asian state’s parliament cancelled the deal, saying the price was too low.

The first stage of the tender will take place on August 27, a senior official at the Kyrgyz State Property Committee said.

Turk Telekom, which is controlled by Dubai-based Oger Telecom, was listed on the Istanbul Stock Exchange in May when the government cut its stake to 30 percent by listing a 15 percent holding.