STIC Investments’ Stic CJ Global Investment Partnership Private Equity Fund acquired a 22.67% stake in Selecta, a Brazilian soy bean company owned by Chilean fishing company Corpesca.

(undercurrent news) Chilean largest fishing company Corpesca’s parent company, Empresa Pesquera Eperva, sold its majority stake in the Brazilian subsidiary of Corpesca, Corpesca do Brasil Empreendimentos e Participacoes.

The sale was announced by the Eperva’s general manager, Patricio Tapia Costa, in a letter to notify Chilean financial authorities on Aug. 17.

Corpesca’s subsidiary in Brazil owns 70% of the shares issued by Seentes Selecta, which is a company dedicated to the production of soybean concentrate, soybean oil and other derivatives. It has a processing capacity of around 700,000 metric tons per year of soybeans.

Buyers were CJ Logistics do Brasil, the Brazilian subsidiary of Korean firm CJ Cheil Jedang Corporation and the investment fund Stic CJ Global Investment Partnership Private Equity Fund, which bought respectively 37.33% and 22.67%.

The sale price for 60% of the shares was of $214 million, which will be adjusted according to net debt and net working capital within 30 days from the sale, Tapia said.

Without considering the price adjustment mentioned above, the operation will produce a pre-tax profit estimated of approximately $ 124 million, Tapia said.

Eperva owns 46.36% of Corpesca’s shares.

Earlier this month, Corpesca’s current general manager, Arturo Natho Gamboa, resigned. The firm said that the executive will remain in office until Oct. 1, when the current commercial manager, Felipe Zaldívar Prado, would replace him, Economia y Negocios reported.

Earlier this year, Chilean fishing firm Sociedad Pesquera Coloso sold 100% of its stake in Corpesca to Pesqueras Iquique-Guanaye, Empresa Pesquera Eperva and Antarchile

Empresas Copec, which controls Pesqueras Iquique-Guanaye, Pesquera Eperva and Antarchile, then became the owner of Corpesca.

In 2014, Corpesca had announced an investment of $60m to boost production and diversifying its products. The firm had also said it wanted to invest in fish farming.