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Management Side
Masisa Concludes Sale of Assets in Rio Negrinho, Brazil
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Atlanta, Georgia, USA, 26 December 2008 -- Masisa S.A. informed the Superintendency of Securities and Insurance (SVS) that it has successfully finished the sale of a sawmill and forestry lands it owns in Rio Negrinho, Santa Catarina state, Brazil.

Masisa formally awarded the sale of the sawmill and the forestry lands, with a total approximate area of 13,511 hectares of lands and an approximate surface area of 7140 hectares of planted forests, to the Brazilian company Renova Floresta Ltda., related to an investment fund of foreign institutional investors managed by the U.S. entity Global Forest Partners LP.

The sale considers a total and single price of USD 70.25 million for the sawmill and the forestry land, which shall be paid in cash upon signing the respective final purchase and sale deeds, which shall be signed no later than 05 March 2009.

The award of the assets package means that Masisa will make a consolidated recognition of a one-time financial income, before tax, of approximately USD 3.5 million.

The proceeds obtained from this sale will be allocated in the short term to paying off the financial liabilities of the company and in the mid-term to financing a three-year forestry investment plan.
 
 

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