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 ~~October~~November, 2003

GRUPO INDUSTRIAL MASECA, S.A. de C.V.

(MASECA INDUSTRIAL GROUP, INC.)
(Translation of Registrant's name into English)

Calzada del Valle Ote. 407
Col. Del Valle, San Pedro Garza Garcia, N.L. Mexico 66220
(Address of principal office)

(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)

Form 20-F X Form 40-F ___

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

Yes ___ No X

CONTENTS* Press ~~Release~~Information dated ~~October~~November 235th., 2003

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.

GRUPO INDUSTRIAL MASECA, S.A. de C.V.

By /s/ Raul Cavazos Morales ___________________________Raul Cavazos MoralesChief Financial OfficerDate: ~~October~~November 235th, 2003

~~Contacts:Rogelio~~GRUPO ~~Sanchez~~INDUSTRIAL ~~(52~~MASECA, ~~81) 8399-3312rogelio_sanchez@gruma~~S.~~comLilia~~A. ~~Gomez~~DE ~~(52 81) 8399-3324lilia_gomez@gruma~~C.~~comFax:~~V. NOTICE ~~(52~~OF ~~81)~~SHAREHOLDERS' ~~8399-3359Web site: http://www.gruma.com~~MEETING

As resolved by the Board of Directors of GRUPO INDUSTRIAL MASECA, S.A. DE C.V., by this notice the shareholders of the Company are called to the General Extraordinary Shareholders' Meeting which shall be held on December 2, 2003 at 17:00 hours, in the Hotel Sheraton Ambassador, Salon Diplomaticos, located at Hidalgo 310 Ote., Col. Centro, Monterrey, Nuevo Leon, in order to discuss and resolve the issues contained in the following:

~~Monterrey,~~AGENDA GENERAL ~~N.L.,~~EXTRAORDINARY ~~Mexico, October 23, 2003 New York Stock Exchange: MSKBolsa Mexicana de Valores: MASECAB~~MEETING

~~MANAGEMENT~~ Discussion and, as the case may be, approval of amendment of several articles of the Company'Ss ~~DISCUSSION~~Bylaws ~~AND~~in ~~ANALYSIS~~order OFto ~~RESULTS~~adapt OFthem ~~OPERATIONS~~according ~~AND~~to ~~FINANCIAL~~article ~~CONDITION~~8, ~~FOR~~section ~~THIRD~~I ~~QUARTER~~and ~~2003~~II of the ''Disposiciones de Caracter General Aplicables a las Emisoras de Valores y otros Participantes del Mercado de Valores'' (~~PESOS~~General ~~AMOUNTS~~Applicable ~~ARE~~Dispositions ~~STATED~~for INSecurities' ~~MILLIONS~~Issuers INand ~~CONSTANT~~other ~~TERMS~~Participants ASin OFthe ~~SEPTEMBER~~Securities 30Markets) issued by the ''Comision Nacional Bancaria y de Valores'' (National Banking and Securities Commission). Discussion and, ~~2003~~as the case may be, approval or amendment of article 6 of the Company's Bylaws in order to adapt it to the requirements set forth in article 8, section III of the ''Disposiciones de Caracter General Aplicables a las Emisoras de Valores y otros Participantes del Mercado de Valores'' (General Applicable Dispositions for Securities' Issuers and other Participants in the Securities Markets), issued by the ''Comision Nacional Bancaria y de Valores'' (National Banking and Securities Commission). Discussion and, as the case may be, approval to add an article and/or clause to the Company's Bylaws pursuant to article 14 Bis 3, section VII of the ''Ley del Mercado de Valores'' (Mexican Securities Law), subject to approval by the ''Comision Nacional Bancaria y de Valores'' (National Banking and Securities Commission). Discussion and, as the case may be, approval to add an article and/or clause to the Company's Bylaws penalizing the failure to comply with the article and/or clause referred to in the immediate previous item of the Agenda, if approved. Discussion and, as the case may be, approval to proceed with the formalization before a notary public of the restatement of the amended Company's Bylaws. Discussion and, as the case may be, approval to cancel the share certificates issued by the Company and exchange them with new share certificates, as provided by article 140 of the ''Ley General de Sociedades Mercantiles'' (Mexican Corporate Law). Designation of Special Delegates to comply with, and formalize, the resolutions adopted by the Shareholders' Meeting. Drafting, reading and approval, if applicable, of the Minutes.

~~RESULTS~~In OForder ~~OPERATIONS~~to proceed to the execution of the Ordinary Shareholders' Meeting above notified, as provided by Article 14 Bis 3, Section VI, subsection B of the ''Ley del Mercado de Valores'' (Mexican Securities Law), all documentation related with the Agenda is, as of the date hereof, available to the shareholders for review and analysis during office hours at the Company's offices located at Avenida la Clinica No. 2520 Delta Building First Floor, Col. Sertoma, Monterery, Nuevo Leon. In order to have the right to attend and vote at the corresponding Shareholders' Meetings, as provided by Articles 129 of the ''Ley General de Sociedades Mercantiles'' (Mexican Corporate Law) and Article 78 of the ''Ley del Mercado de Valores'' (Mexican Securities Law), the Shareholders must be registered as such in the Company's Share Registry and must deposit their shares with the Secretary or in any Mexican or Foreign Banking Institution or in any Institution for the Deposit of Securities. When the deposit is made at a Credit Institution, the Institution must issue the corresponding certificate and notify the Secretary of the Company the deposit of the shares, the name of the depositor and the depositor's representative, if applicable. If the shares are deposited in the S.D. Indeval, S.A. de C.V., this Institution must give timely notice to the Company's Secretary regarding the number of shares that each of their depositors maintains in said Institution, indicating whether the deposit is in their own name or on account of a third party, complementing the information with the lists of names that the depositors provide. The deposit of shares, the delivery of the deposit certificate or the notices, if applicable, must be submitted to the Secretary of the Company at at Avenida la Clinica No. 2520 Delta Building First Floor, Col. Sertoma, Monterery, Nuevo Leon, on or before the business day immediately preceding to the date of the Meeting, in order to obtain the admission card. The Shareholders may be represented in the Meetings by representatives, through private proxies or through powers of attorney granted in the formats referred in Article 14 Bis, 3 section VI, subsection c), of the ''Ley del Mercado de Valores'' (Mexican Securities Law), which are found for disposition of the interested parties and the financial intermediaries of the Securities Market through the S.D. Indeval, S.A. de C.V.

~~3Q03~~ Monterrey, ~~vs.~~Nuevo ~~3Q02~~Leon, November 3, 2003 SALVADOR VARGAS GUAJARDO Secretary of the Board of Directors

Net SalesGIMSA's sales volume increased 1% as a result of higher bulk sales to packaged tortilla and tortilla chip producers and to supermarket in-store tortilla shops. To a lesser extent, higher volumes to DICONSA (the Mexican government's social welfare and distribution program) also contributed to this increase. Sales to packaged tortilla producers have improved due to increased consumption of their recently introduced warm tortillas. The 7% increase in net sales reflected mainly higher corn flour prices in connection with a rise in corn costs. Greater volume also contributed to the increase in net sales, albeit to a lesser extent. Cost of sales Cost of sales as a percentage of net sales increased to 73.0% from 70.3% because GIMSA's price increases, made gradually in an effort to stimulate volume growth, did not fully reflect higher corn costs. In absolute terms, cost of sales increased 11%, mainly as a result of higher corn costs and, to a lesser extent, higher fuel, electricity, and additive costs. Gross Profit Gross profit fell 3% due to the cost increases mentioned above. Gross margins declined to 27.0% from 29.7%. Selling, General, and Administrative Expenses (SG&A) SG&A as a percentage of net sales dropped to 18.9% from 19.1% due to better expense absorption related to higher corn flour prices. In absolute terms, SG&A increased 6% resulting mostly from higher selling expenses due to improvements in the commercialization and customer-service infrastructure. Operating Income Operating income declined 19% to Ps 105 million, and operating margin fell to 8.1% from 10.6% because (1) higher corn costs were not fully reflected in the company's corn flour prices, and (2) GIMSA strengthened its commercialization and customer-service infrastructure. GIMSA has consistently improved margins throughout each quarter of 2003, however, and is planning to implement additional price increases, which should enable it to continue to improve margins. Net Comprehensive Financing Cost

Items 3Q03 3Q02 Change Comments

FINANCIAL POSITION

September 2003 vs. June 2003

On September 30, 2003, assets totaled Ps 6,889 million and remained flat compared to June 30, 2003. An increase in cash balances was offset by lower corn inventories. Property, plant, and equipment, net, also declined because depreciation exceeded capital expenditures. Total liabilities on September 30, 2003, were Ps 1,276 million, 4% lower, due mostly to lower accounts payable to corn suppliers. Stockholders' equity on September 30, 2003, was Ps 5,613 million, representing a 1% increase.

FINANCIAL RATIO

Operational Ratios

3Q03 2Q03 3Q02 Accounts receivable outstanding (days to sales) 48 51 53 Inventory turnover (days to cost of sales) 91 104 79 Net working capital turnover (days to sales) 120 128 109 Asset turnover (total assets to sales) 1.3 1.4 1.4

3Q03

2Q03

3Q02

CONFERENCE CALL The company will hold a conference call to discuss 3Q03 results on October 24, 2003, at 11:30 a.m. ET (10:30 a.m. Mexico and CT; 9:30 a.m. MT; 8:30 a.m. PT). From the U.S. or Canada please call (800) 915-4836; international or local callers dial (973) 317-5319. The conference call will also be web-cast live via the GRUMA corporate website, www.gruma.com. For the conference replay, please call (800) 428-6051 or (973) 709-2089 and enter pass code 310491. For additional details, please visit the Investor Relations page of the website. The audio web-cast will be archived on the site. Founded in 1949, GIMSA, S.A. de C.V., is the largest producer of corn flour in Mexico. GIMSA is engaged principally in the production, distribution, and sale of corn flour in Mexico under the MASECA® brand name. GIMSA owns 18 production facilities located throughout the country and has an estimated annual corn flour capacity of 2.3 million metric tons. GIMSA's corn flour is used mainly in the preparation of tortillas and other related products. In 2002, the company's market share was approximately 73% within the corn flour industry.

ACCOUNTING PROCEDURES All figures have been restated in Mexican pesos of constant purchasing power as of September 30, 2003, and were prepared in accordance with Mexican Generally Accepted Accounting Principles, commonly referred to as ''Mexican GAAP''. The restatement was prepared using factors derived from the Mexican National Consumer Price Index. This report may contain certain forward-looking statements and information relating to GIMSA, S.A. de C.V., that are based on the beliefs of its management as well as assumptions made by and information then available to GIMSA. Such statements reflect the views of GIMSA with respect to future events and are subject to certain risks, uncertainties, and assumptions. Many factors could cause the actual results, performance, or achievements of GIMSA to be materially different from historical results or any future results, performance, or achievements that may be expressed or implied by such forward-looking statements. Such factors include, among others, changes in economic, political, social, governmental, business, or other factors globally or in Mexico, as well as world and domestic corn prices. If one or more of these risks or uncertainties materializes, or underlying assumptions are proven incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected, or targeted. GIMSA does not intend, and undertakes no obligation, to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

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