Chint Group Co. Ltd, a Chinese maker of electrical components, is among the five contenders to acquire the majority stake in Efacec Power Solutions SGPS SA of Portugal, the Dinheiro Vivo website reports.

The Portuguese news website says Chint Group, Elsedewy of Egypt, Iberdrola of Spain, and DST and Sing-Investimentos Globais, both of Portugal, have been selected for the second phase of negotiations about the acquisition of the 71.73 per cent of Efacec Power Solutions held by the Portuguese state.

The contenders have until July 19 to submit their final bids, the report says.

It says the government is keen to dispose of the stake this summer.

The winning bid will contain the best plan for using the company to boost the economy of Portugal in general and its exports in particular, the Dinheiro Vivo website quotes Portuguese Economy Minister Pedro Siza Vieira as saying.