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THE BANK OF NEW YORK SELECTED FOR NEW SPONSORED ADR BY MADERAS Y SINTETICOS SOCIEDAD ANONIMA MASISA

 NEW YORK, June 24 /PRNewswire/ -- The Bank of New York (NYSE: BK) announced today that Maderas y Sinteticos Sociedad Anonima MASISA has selected the Bank as the depositary for its international public offering of approximately $54 million through the issuance of nearly 3.9 million American Depositary Receipts (ADRs). The ADRs trade on the New York Stock Exchange under the symbol "MYS."
 Maderas y Sinteticos Sociedad Anonima MASISA is the leading manufacturer in Chile of raw, melamine laminated and wood veneered particle board, producing approximately 95% of the particle board produced in Chile. The company is also a leading Chilean producer of wood doors for residential and commercial applications. The company's products are sold through independent distributors and company-franchised stores called Placacentros primarily to the Chilean construction industry (including furniture manufacturing), which has grown by an average of approximately 8 percent per year over the past 5 years.
 The Bank of New York is the world's largest depositary for American and Global Depositary Receipt facilities, which allow foreign companies to offer their dollar-denominated securities to investors in the United States. The Bank has increased its market position consistently so that by the end of 1992 it accounted for over 50 percent of all sponsored depositary receipt programs. The Bank currently issues depositary receipts for more than 650 non-U.S. companies representing 33 countries.
 The Bank of New York was founded in 1784 by Alexander Hamilton and is the nation's oldest bank operating under its original name. It is the principal subsidiary of The Bank of New York Company, Inc., which is the seventeenth largest bank holding company in the United States, with total assets of $40 billion as of March 31, 1993. The company provides a complete range of banking and other financial services to corporations and individuals worldwide through its five basic businesses: Corporate Banking, Retail Banking, Securities and Other Processing, Trust and Investment Management, and Financial Market Services. The company's stock is traded on the New York Stock Exchange under the symbol BK.
 -0- 6/24/93
 /CONTACT: Michael M. Pascale, vice president, 212-495-1041, American Depositary Receipts division, 212-495-1041, or Kenneth A. Lopian, vice president, 212-815-2084, both of Bank of New York/
 (BK)


CO: The Bank of New York; Maderas y Sinteticos Sociedad Anonima MASISA ST: New York IN: FIN PAP SU:

TS -- NY035 -- 5307 06/24/93 11:50 EDT
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Publication:PR Newswire
Date:Jun 24, 1993
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