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Management Side
Technical Side
Masisa Files to Delist from New York Stock Exchange
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Santiago, Chile, 11 March 2008 -- /PRNewswire/ -- At its meeting on 20 February 2008, Masisa's board of directors decided to delist its American Depositary Shares (ADSs) representing common stock without nominal (par) value of the company, and evidenced by American Depositary Receipts (ADRs), from the New York Stock Exchange (NYSE). The company filed a Form 25 with the SEC on 03 March 2008, and anticipates that delisting will occur on or about 13 March 2008, assuming the SEC does not raise an objection.

Masisa's board of directors also decided to terminate the deposit agreement relating to the ADSs entered into on 24 March 2005, with The Bank of New York as the depositary bank. The company notified the Depositary Bank on 20 February 2008, that it wished to terminate the ADR program. Upon such notification, the Depositary Bank established a termination date of 28 April 2008, for the Deposit Agreement ("Termination Date") and sent notice of such date to ADR holders on 27 February 2008. Upon termination of the Deposit Agreement, ADR holders will have 60 days -- until 27 June 2008 -- to exchange their ADRs for certificates of Common Stock. If an ADR holder does not exchange its ADRs by 27 June 2008, the Depositary Bank will be authorized to sell the Common Stock underlying such ADRs and provide to such holders the net proceeds from such sales.

On 20 February 2008, Masisa also announced its intention to seek deregistration and termination of its reporting obligations under Sections 12(g) and 15(d) of the U.S. Securities and Exchange Act of 1934, as amended. In connection with that deregistration and termination, the company anticipates filing a Form 15F with the SEC on or about 13 March 2008. Upon the filing of Form 15F, the company's Section 12(g) and 15(d) reporting obligations under the Exchange Act will be suspended immediately. These reporting obligations will be finally terminated after a 90-day waiting period, provided that the SEC does not raise objections.

The significant event herein being informed will have no effect over Masisa's Common Stock or over its other shareholders. Additionally, as a result of the termination of its reporting obligations with the SEC and its ADR program, Masisa does not foresee any material financial effect over its assets, liabilities or its results.

About Masisa

Masisa is a leading furniture and interior architecture board production and marketing company in Latin America. It has forest assets throughout most of the region, thereby guaranteeing the raw material for the board business. Masisa's value proposal is to be a reliable brand, close to all its stakeholders, anticipating market needs by means of product and service innovation, and operating responsibly towards society and the environment.

The company has 13 productive plants in Chile, Argentina, Brazil, Venezuela, and Mexico, all of which have ISO 14.001 and OHSAS 18.001 certification.

Masisa also has three other divisions that operate in synergy with the core board division: forestry, solid wood, and retail.

Masisa is a publicly-traded corporation. Its shares are traded on the Santiago Stock Exchange, and on the New York Stock Exchange (NYSE) by means of ADRs. The company had total sales of USD 965.8 million in 2007.

Source: Masisa


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