SANTIAGO, Chile, Nov. 26 /PRNewswire-FirstCall/ -- In a meeting held today, the Board of Directors of MASISA S.A. (Santiago Stock Exchange: MASISA) (hereinafter referred to as "Masisa" or "the Company") agreed to summon an Extraordinary Company Shareholders' Meeting (hereinafter referred to as "the Meeting") to be held on December 16, 2008, to request its approval for an equity increase of Masisa amounting to US$100,000,000 (one hundred million U.S. dollars) by issuing new cash shares.
Moreover, on this date, the controlling shareholder of Masisa, Grupo Nueva S.A., which currently has a 65.6% total shareholding in the Company, formally informed Masisa of its commitment to subscribe its entire pro rata or pre- emptive right of the mentioned equity increase.
A proposal will be put forward at the Meeting that the proceeds of the equity increase be allocated to reducing the Company's short-term liabilities.
Furthermore, the Board of Directors agreed to empower Masisa's administration to issue and place one or more series of bonds aimed at the domestic market amounting to the equivalent of UF3,500,000 (three million five hundred thousand "Unidades de Fomento").
Enrique Cibie, Masisa's CEO, affirmed that these operations are in line with strengthening Masisa's financial standing to better address future scenarios and take advantage of the business opportunities that might arise.
The proceeds obtained from the placement of the mentioned bonds will be allocated to paying off the Company's short-term liabilities.
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 for supply to 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 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.
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Investor Relations
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