Masisa Retains its Forestry Assets in Argentina and Executes its Put Option with Sonae Industria

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01 Julho 2008 - 8:47PM PR Newswire (US)

-- The forestry assets consider 38,000 hectares of pine and eucalyptus plantations, and forestable land in Argentina. SANTIAGO, Chile, July 1 /PRNewswire-FirstCall/ -- MASISA S.A. (hereinafter referred to as "Masisa" or "the Company"), a leader in wood board production for furniture and interior architecture in Latin America, today informed that through two "significant events" it will retain its forestry assets in Argentina, and also that Masisa and Sonae were not able to reach a satisfactory agreement regarding the merger between Masisa do Brasil (Masisa Brasil) and Tafisa Brasil. Masisa executed its Put Option with Sonae for the total equity participation that Masisa maintains in Tafibras. It is important to note that on January 15, 2008, Masisa and Brascan Brazil Ltda. signed a share purchase and sale contract in which Masisa acquired a 45.68% equity participation in the Brazilian company Tafibras Participaciones S.A. (hereinafter referred to as "Tafibras"), and indirectly acquired a 37% equity participation in the Brazilian affiliate of Tafibras called Tafisa Brazil S.A. The transaction price was USD$70,000,000. Regarding the latter, we inform that Masisa and Sonae were not able to reach a satisfactory agreement because of essential differences in the terms and conditions of the merger. Therefore, Masisa and Sonae have ended the negotiating process. According to the signed agreements between Masisa and Sonae, today the Company has notified Sonae of the execution of a Put Option that obligates Sonae to purchase Masisa's 45.68% equity participation in Tafibras for approximately USD$75,000,000. The purchase and sale contract will be executed on July 31st, 2008. The execution of the Put Option will have no significant effects on the company's net income, and the funds will be used to pay down debt. Masisa retains its forestry assets in Argentina Masisa will retain its forestry assets in Argentina, corresponding to approximately 38,000 hectares of pine and eucalyptus plantations, located in the Argentinean provinces of Entre Rios and Corrientes. As announced in June 2007, Masisa agreed to the sale of 90% of its shares in Forestal Argentina S.A. (hereinafter referred to as FASA). The buyers were the Chilean investment firm Los Boldos S.A. (80%) and GrupoNueva S.A. (10%), Masisa's majority shareholder. The agreement was subject to the normal due diligence conditions for this type of transaction, and especially to the authorization of the mentioned agreement by the Argentinean National Boarders and Safety Zones Commission. As of June 30th, 2008, the Argentinean National Boarders and Safety Zones Commission had not yet authorized the transaction, and therefore the contractual date for the fulfillment of the agreement has expired. Therefore, Masisa will retain its equity participation in FASA. About Masisa Masisa is a leading furniture and interior architecture board production and marketing company in Latin America. It owns forest assets in most of the region, thereby guaranteeing the raw material for its board business. Masisa's value proposal is to be a reliable brand and a company close to all its stakeholders, anticipating market needs by means of product and service innovation, and operating responsibly towards society and the environment. Masisa has 13 production plants in Chile, Argentina, Brazil, Venezuela and Mexico, all of which will have the ISO 14,001 and OHSAS 18,001 certification. Masisa is currently building an MDP plant in Montenegro, Brazil that will have an annual production capacity of 750,000 cubic meters of MDP and an annual melaminating capacity of 300,000 cubic meters. This plant will be the company's largest plant in Latin America, mainly supplying the Brazilian market. Masisa has three other divisions that operate in synergy with its core board division: forestry, solid wood, and retail. Masisa is a publicly traded corporation and its shares are traded on the Santiago Stock Exchange. The Company had total sales of approximately US$ 966 million in 2007. Forecasts and Estimates This press release may contain forecasts, which are different statements from historical facts or current conditions, and include the management's current vision and estimates of future circumstances, industry conditions and the Company's performance. Some forecasts may be identified by the use of terms such as "may," "should," "anticipates," "believes," "estimates," "expects," "plans," "intends," "forecasts" and other similar expressions. Statements about future market share, projected future competitive strengths, the implementation of significant operating and financial strategies, the direction of future operations, and the factors or trends affecting financial conditions, liquidity, or operating income are examples of forecasts. Such statements reflect the current management's vision and are subject to various risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. These statements are made based on many assumptions and factors, including general economic and market conditions, industry conditions and operating factors. Any changes in such assumptions or factors could lead to the current results of Masisa, and the projected Company activities, to materially differ from current expectations. For further information, please contact: Investor Relations (56 2) 350 6038 Internet: http://www.masisa.com/ DATASOURCE: Masisa S.A. CONTACT: Masisa Investor Relations, +011-56-2-350-6038, Web site: http://www.masisa.com/ Copyright

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Masisa Retains its Forestry Assets in Argentina and Executes its Put Option with Sonae Industria

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