Telikom Papua New Guinea Ltd is seeking court orders to stop its proposed sale to African company Econet Wireless Ltd.
The group's board filed the application at the Waigani National Court last Tuesday.
The next say it was revealed that Econet had agreed to take up 48% instead of the original 51%.
Telikom has named the Independent Public Business Corporation (IPBC), State Enterprises Minister Dr Puka Temu and the State as defendants.
The plaintiffs are Telikom, board chairman Dr Florian Gubon, directors Frank Kini and Leo Tale and acting managing director Martin Veisame.
Among the orders they are seeking is a declaration that a share sale and purchase agreement dated July 1, 2004 for the proposed sale of Telikom by IPBC to Econet Wireless PNG Ltd is illegal and void.
The matter is expected to be heard by the Waigani National Court on Friday morning.