UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16

of the Securities Exchange Act of 1934

For the month of June 2007

Masisa S.A.

(Exact name of registrant as specified in its charter)

Masisa S.A.

(Translation of Registrant's name into English)

Av. Apoquindo 3650, Piso 10, Las Condes

Santiago, Chile

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover

Form 20-F or Form 40-F.

Form 20-F x Form 40-F o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o

Indicate by check mark whether the registrant by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under Securities Exchange Act of 1934.

Yes o No x

If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- _____

Item 1.A. Important Event issued by Masisa S.A. on ~~June~~July 73, 2007:

MASISA S.A.

Publicly-Traded Corporation

SIGNIFICANT EVENT

Santiago, ~~June~~ July 73, 2007

Mr. Guillermo Larraín Ríos

Superintendent

Superintendency of Securities and Insurance

Dear Sir,

Pursuant to what is laid down in article 9 and the second sub-paragraph of article 10 10 of ~~the Securities Market~~ Law Nº18.045 of the Chilean Securities Market and in General Regulation Nº30 of ~~the~~ the Superintendency of Securities and Insurance, and duly empowered to such effect, I hereby ~~inform~~complement ~~you as a significant event regarding~~ the ~~line~~Important ofEvent ~~bonds~~submitted ofto ~~the~~this ~~issuer Masisa S.A., registered in the Securities Registry of the~~ Superintendency of ~~Securities~~on ~~and~~June ~~Insurance under number 356~~1, ~~dated~~2007 ~~November~~with ~~10, 2003 (hereinafter referred to as~~ the ~~“Line”)~~following:

On such Important Event it was informed that the sale of the 90% ownership stake of Forestal Argentina S.A. (a“FASA”) ~~Bonds~~will generate “net income for Masisa of approximately ~~UF500~~US$29 million,~~000~~ without accounting for the effects of the realization “Fof ~~Series”~~equity ~~were~~reserves ~~placed~~related ~~today~~to ~~and~~FASA ~~charged~~that have been recognized to ~~the~~date by ~~Line~~Masisa.” ~~with~~Through athis ~~term~~Important ofEvent, 5I ~~years~~hereby ~~and~~inform ~~4.5~~to ~~years~~this Superintendency of ~~grace,~~Securities atand aInsurance ~~placement~~that ~~rate~~the effect of 3the realization of reserves related to FASA that have been recognized to date by Masisa amounts to approximately US$11 million.~~73%~~ ~~per~~Therefore, ~~annum;~~the net income for Masisa resulting from the above mentioned transaction will total approximately US$40 million under Chilean GAAP.

~~(b)~~As previously ~~Bonds~~informed, ofthe ~~UF500,000~~final closing of ~~the~~this “Gpurchase ~~Series”~~and ~~were~~sale ~~placed~~agreement, and specifically ~~today~~the ~~and~~transfer ~~charged~~of FASA’s share certificates to the ~~Line~~buyers, ~~with~~is asubject to ~~term~~normal ofcommercial 5conditions ~~years~~for ~~and~~these ~~4.5~~kind ~~years~~ of ~~grace~~deals, atto adue ~~placement~~diligence, and to ~~rate~~the ofauthorization ~~3.72%~~from ~~per~~Argentina’s ~~annum;~~National ~~and~~Border Zone Commission.

(c) Bonds of UF1,500,000 of the “H Series” were today placed and charged to the Line with a term of 21 years and 10 years of grace, at a placement rate of 4.64% per annum.

The proceeds obtained from the aforementioned placements will be used to prepay the “A Series” bonds, corresponding to the first issue made and charged to the Line, and to pay or prepay Masisa’s and/or its affiliates’ short or long-term liabilities.

Yours faithfully,

~~Patricio~~Enrique ~~Reyes~~ Cibié ~~Urrutia~~Bluth

~~Corporate~~CEO ~~Counsel~~

Masisa S.A.

C.c: Santiago Stock Exchange Chilean Electronic Stock Exchange Valparaíso Stock Exchange

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: ~~June~~ July 73, 2007

	Masisa S.A.
	By:	/s/ Patricio Reyes
		Patricio Reyes General Counsel

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