26-12-2008
Masisa Successfully Concludes Sale of Assets in Rio Negrinho, Brazil
The total proceeds obtained from this sale were US$ 70,250,000, and they will be allocated in the short term to paying off the financial liabilities of the Company and in the mid term to financing a new 3-year forestry investment plan.
MASISA S.A. sent today a significant event to the Superintendency of Securities and Insurance (SVS) informing that it has successfully finished the sale process of a sawmill and forestry lands it owns in Rio Negrinho, Santa Catarina state, Brazil.
Masisa formally awarded the sale of the sawmill and the forestry lands, with a total approximate area of 13,511 hectares of lands and an approximate surface area of 7,140 hectares of planted forests, to the Brazilian company Renova Floresta Ltda. related to an investment fund of foreign institutional investors managed by the US entity Global Forest Partners LP.
The sale considers a total and single price of US$70,250,000 for the sawmill and the forestry land, which shall be paid in cash upon signing the respective final purchase and sale deeds, which shall be signed no later than March 5, 2009.
The award of the aforementioned package of assets in the mentioned conditions means that Masisa will make a consolidated recognition of a one time financial income, before tax, of approximately US$3,500,000.
The proceeds obtained from this sale will be allocated in the short term to paying off the financial liabilities of the Company and in the mid term to financing a 3-year forestry investment plan.