ARGENTINA – Masisa recently informed that it entered into a share purchase and sale agreement with the Argentine company Proener S.A.U., a subsidiary of the Argentine company Central Puerto S.A.

Through which it sold to Proener all the shares it owned directly and indirectly in Masisa’s Argentine subsidiaries Forestal Argentina S.A. and Masisa Forestal S.A., which own Masisa’s forestry assets in that country, consisting of approximately 72,000 hectares, of which approximately 43,000 hectares are planted with eucalyptus and pine.

This transaction for USD 69.3 million represents the largest transaction in the forestry sector in the country in the last 30 years.

The sale will have a negative effect on the valuation of Masisa’s equity, because due to exchange rate issues and the devaluation of the Argentine peso, the company recognizes a loss of US$245 million.

“We are very satisfied with this transaction, which allows us to divest in good conditions an asset that was not fully aligned with our strategic plan, and at the same time to exit a complex and highly volatile market,” said Masisa’s corporate general manager, Alejandro Carrillo, in a statement.