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- Masisa's Board approves the acquisition of minority interests in its subsidiaries Forestal Tornagaleones S.A. and Forestal Argentina S.A. SANTIAGO, Chile, Oct. 27 /PRNewswire-FirstCall/ -- MASISA S.A. (NYSE:MYS) ("Masisa" or "the Company") announced that at the Company's Board of Directors' meeting held yesterday, the Board approved an investment of up to US$59.2 million in cash for the purchase of minority interests in its subsidiaries Forestal Tornagaleones S.A. ("FTG") and Forestal Argentina S.A. ("FASA"). The details of the transactions agreed upon by the Board of Directors are as follows: 1) The acquisition of 34.45% of FTG's common equity shares from Opers International Timber Fund IA, LP for US$29.9 million. 2) The acquisition of 29.15% of FASA's common equity shares from Xylem Chile Limitada for US$14.5 million. 3) A purchase offer for the remaining common equity shares of FTG and FASA from the remaining minority shareholders in these two companies for US$14.7 million. Currently, Masisa owns 60.45% of FTG and FTG owns 50.1% of FASA. Upon completion of the above mentioned transactions, Masisa would control 100% of FTG and FASA, which is in accordance with the Company's investment plan. The closing of the purchase of these minority interests is expected to occur on or about November 15, 2005. Forward-Looking Information This news release may contain forward-looking statements. Forward-looking statements are statements other than statements of historical facts or current condition, and include without limitation management's current view and estimates of future circumstances, industry conditions and company performance. Some forward-looking statements may be identified by our use of the terms " may", "should", "anticipates", "believes", "estimates", "expects", "plans", "intends" and similar expressions. Statements regarding future market share, projected future competitive strength, the implementation of principal operating and financing strategies, the direction of future operations, and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are 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 cause the actual results of Masisa, and the planned actions of the company, to differ materially from current expectations. DATASOURCE: Masisa S.A. CONTACT: Emilio Pellegrini, Investor Relations of Masisa S.A., +56-2-350-6038, ; or Melanie Carpenter, +1-212-406-3692, or Peter Majeski, +1-212-406-3694, both of i-advize Corporate Communications, Inc., or Web site: http://www.masisa.com/

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