News from Masisa S.A. Regarding a Significant Event

SANTIAGO, Chile, Jan. 31  /PRNewswire-FirstCall/ -- The following letter was sent to the Superintendency of Securities and Insurance by Enrique Cibie on behalf of Masisa S.A.:

                               MASISA S.A.
                       Publicly-Traded Corporation
            Registered under No.825 in the Securities Registry


  Mr. Superintendent
  Superintendency of Securities and Insurance

  Dear Sir,



Pursuant to what is established in Article 9 and the second sub-paragraph of Article 10 of Law No. 18.045 and in General Regulation No. 30 of the Superintendence of Securities and Insurance (hereinafter SVS), and duly empowered to such effect by the Board of Masisa S.A. (hereinafter referred to as "Masisa") in a board meeting held on January 30, 2008, I hereby inform you of the following significant event concerning Masisa and its business:

1. Oxinova C.A. (hereinafter "Oxinova") is a Venezuelan company whose single shareholders are the Chilean affiliate of Masisa, Inversiones Internacionales Terranova S.A., which owns 49% of the shareholding capital of Oxinova, and the Chilean Company Oxiquim Inversiones Internacionales Limitada, belonging to the Chilean group Sintex-Oxiquim ("Oxiquim"), which owns 51% of the shareholding capital of Oxinova.

Oxinova consists in a plant to produce resins, located in Puerto Ordaz, Venezuela, mainly devoted to supplying this raw material to the MDF and PB board plants that Masisa owns in the same area through its indirect Venezuelan affiliate Fibranova C.A. (hereinafter "Fibranova").

2. Dated today, Fibranova has subscribed with Oxiquim an agreement through which the first purchases from the latter its shareholding participation in Oxinova amounting to 51%, at the price of US$ 11,000,000.

By means of the above operation, Masisa, through its referred to affiliates, goes on to hold 100% of Oxinova, which allows the strengthening of its competitive position by means of assuring control of a strategic factor of production in an integrated manner.

Oxiquim will still hold an operations contract with the Oxinova resins plant.

The takeover of the Oxinova Management by Fibranova will take place on May 5, 2008.

Forecasts and Estimates

This significant event 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.

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: January 31, 2008

  Masisa S.A.
  By:
  /s/ Enrique Cibie

  Enrique Cibie
      CEO

  For further information, please contact:
  Investor Relations
  (56 2) 350 6038
  
  Internet: http://www.masisa.com/

DATASOURCE: Masisa S.A.



CONTACT:  Investors, +011-56-2-350-6038,  



Web site:  http://www.masisa.com/ 

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