The Cook Islands Government says local investors have registered their interest in buying a 60 percent stake in Telecom Cook Islands.
The Business Trade and Investment Board has extended the period for expressions of interest by two months.
The original closing date was May the 10th and telecommunications company Digicel had already emerged as a strong contender.
The Minister of Telecommunications, Mark Brown, says Telecom New Zealand is also required to consider any local investors interested in buying its share.
"So we have three companies now that have put forward to Telecom New Zealand an expression of interest to purchase their shares, one is Digicel and the other two companies are made up of local investors who have partnered with international investors."
Mark Brown says he understands the timeframe for proposals was extended to give local companies more time to prepare their proposals.
The Government has operated Cook Islands Telecom as a joint venture with Telecom New Zealand since 1991.