Two multinational beer companies and an investment fund are in talks with the Portuguese owned brewer Cintra, about taking a stake in the brewer's Brazilian operations, the comany has said.

Cintra is planning to expand its operations in Brazil, and as part of the plan is looking to sell up to a 30% stake in its business there.

In an interview with the news agency Reuters, Cintra director Andre Freire said: "Clearly we would prefer a multinational, but we are studying the possibilities."

The company would not elaborate on who the interested parties were.

Cintra is planning to invest some 300m reais over the next five years as well as 150m reais in marketing.

Cintra controls around 2% of the Brazilian beer market but hopes to grow that to 3% this year, some way off the market leader AmBev which holds 70% of the market.

HSBC Holdings Plc is conducting the sale process.