Masisa S.A. - Report of Foreign Issuer (6-K)
20 Dezember 2007 - 9:48PM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
6-K
Report
of Foreign Private Issuer
Pursuant
to Rule 13a-16 or 15d-16
of
the Securities Exchange Act of 1934
For
the month of December 2007
Masisa
S.A.
(Exact
name of registrant as specified in its charter)
Masisa
S.A.
(Translation
of Registrant's name into English)
Av.
Apoquindo 3650, Piso 10, Las Condes
Santiago,
Chile
(Address
of principal executive offices)
Indicate
by check mark whether the registrant files or will file annual reports under
cover
Form
20-F
or Form 40-F.
Form
20-F
x
Form
40-F
o
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)(1):
o
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)(7):
o
Indicate
by check mark whether the registrant by furnishing the information contained
in
this Form, the registrant is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under Securities Exchange Act of
1934.
Yes
o
No
x
If
"Yes"
is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): 82-_____
Item
1. Important Event issued by Masisa S.A. on December 20,
2007:
Santiago,
December 20, 2007
Mr.
Superintendent
Superintendency
of Securities and Insurance
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Ref.:
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SIGNIFICANT
EVENT
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Masisa S.A.
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(Securities
Registry N° 825)
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Dear
Sir,
Pursuant
to what is laid down in article 9 and the second sub-paragraph of article 10
of
Law Nº18.045 on the Securities Market and in General Regulation Nº30 of the
Superintendency of Securities and Insurance, and duly empowered to such effect
by the Board of Masisa S.A. (hereinafter referred to as “Masisa” or the
“Company”) in a board meeting held on December 19, 2007, I hereby inform you of
the following
significant
event
concerning Masisa and its business:
On
December 20, 2007, Masisa and Louisiana-Pacific South America S.A. (hereinafter
referred to as “LP”), a Chilean related company of the U.S. entity called
Louisiana-Pacific Corporation, signed a binding agreement for Masisa to sell
LP
75% of the oriented strand board (hereinafter referred to as “OSB”) plant
located in Ponta Grossa, Brazil, which Masisa owns through its Brazilian
affiliate Masisa do Brasil Ltda.
The
production capacity of the mentioned OSB plant is 350,000 cubic meters per
annum.
To
undertake this transaction, Masisa will form a new company in Brazil to which
it
will contribute the fixed assets of the OSB plant, selling LP 75% of the
shareholding of such company. The remaining 25% will be owned by Masisa. The
parties shall agree on a shareholders’ agreement, which shall regulate their
rights and obligations as shareholders in the new company. Such agreement shall,
among other matters, envisage put and call options for the stake Masisa shall
maintain in such company.
The
price
agreed on for the total fixed assets of the OSB plant is approximately
US$75,000,000, which is around the book value of these assets, and this sale
should not therefore have any major accounting effects. This price excludes
the
working capital. The proceeds obtained from this transaction will mainly be
allocated to reducing indebtedness.
The
final
closing of the aforementioned purchase and sale agreement is subject to the
usual commercial conditions for these kinds of transactions and to due
diligence, which is expected to be completed in the first quarter of
2008.
Masisa’s
decision to divest its OSB assets is commensurate with its intention of focusing
on its core business as the leading furniture and interior architecture board
production and marketing company in Latin America.
Yours
faithfully,
Enrique
Cibié Bluth
CEO
Masisa
S.A.
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant
has
duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
Date:
December 20, 2007
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Masisa
S.A.
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By:
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/s/
Patricio Reyes
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Patricio
Reyes
General
Counsel
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