CHILE - Chilean board manufacturer Masisa SA has come to an agreement with a subsidiary of Hancock Natural Resource Group for the sale of forestry assets located in the southern Valdivia and Temuco regions for USD 203.6 million. The operation is to take shape within the next 60 days.

To achieve this deal Masisa will contribute assets comprising a total area of 62,000 hectares, including 32,500 hectares planted forests, mainly pine, to a new company named NewCo, of which 80 percent of the shares will be subscribed by Hancock, and the remaining 20 percent subscribed by Masisa.

"NewCo and Masisa signed a long term contract for the supply of the raw materials for the board plants of Masisa in Chile", the company explained in a communication to the relevant authorities. Furthermore, the funds received by the Chilean company will finance its 2014 - 2015 investment plan and strengthen its financial profile.

Hancock Natural Resource Group, Inc., headquartered in Boston, USA, is a subsidiary of Manulife Financial Corporation, which administers on behalf of international investors about 2,600,000 hectares of forests throughout the United States, Brazil, Canada, New Zealand and Australia.