The SMV's reiterated observations introduce a procedural delay in the tender offer process. MSRA must respond within one business day; any failure to satisfy the regulator could postpone or alter the offer terms. Monitor for MSRA's response and SMV's next determination.
Price Chart
Executive Summary
Cementos Pacasmayo disclosed that Peru's securities regulator (SMV) issued observations on the valuation report supporting Holcim's mandatory tender offer, finding that the valuation firm MSRA S.A.C. did not sufficiently address prior deficiencies. The SMV gave MSRA one business day to complete its response on three specific technical points regarding the valuation methodology.
Key Facts
- Cementos Pacasmayo received SMV Official Letter No. 5490-2026-SMV/11.1 on October 28, 2026.
- The SMV found that MSRA S.A.C. did not sufficiently address prior observations from Official Letter No. 5332-2026-SMV/11.1 dated October 21, 2026.
- Three specific requirements were reiterated: substantiation of sales volume growth linked to private investment, supporting tables for 2036 depreciation and amortization calculations, and substantiation of factors applied to inventory and other PP&E line items.
- MSRA has one business day from notification to complete its response.
- The valuation report determines the minimum price for Holcim's public tender offer for all outstanding shares of Cementos Pacasmayo.
- Holcim's tender offer at S/8.93 per common share and S/44.65 per ADS expires November 20, 2026.
Financial Impact
Regulatory delay in finalizing the valuation report could affect the timeline or pricing of Holcim's tender offer for 100% of CPAC shares; no dollar amount stated.
Risk Factors
- Regulatory delay could push the tender offer closing past the November 20, 2026 expiration date.
- If the valuation report is rejected, the minimum tender offer price may need to be recalculated.
- The tender offer is not subject to financing or minimum tender conditions, but regulatory approval is still required.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001213900-26-113834 |
| Document: ea0310229-6k_cementos.htm | 0001213900-26-113834 |
| Document: 0001213900-26-113834-index-headers.html | 0001213900-26-113834 |
| Document: 0001213900-26-113834-index.html | 0001213900-26-113834 |
| Document: 0001213900-26-113834.txt | 0001213900-26-113834 |
| Earnings Context (Synthetic; results releases only) | 0001213900-26-113834 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 29, 2026 2d ago | 6-K | $12.76 | awaiting T+1 | awaiting T+1 | $12.76 (+0.00%) |
Oct 29, 2026 3d ago | 6-K | $12.75 | awaiting T+1 | awaiting T+1 | $12.76 (+0.08%) |
Oct 29, 2026 3d ago | 6-K | $12.76 $12.76 | · 0.00% | ▲ +1.77% | $12.76 (+0.00%) |
Oct 28, 2026 4d ago | 6-K | $12.79 $12.76 | ▼ −0.23% | ▲ +0.15% | $12.76 (−0.23%) |
Oct 27, 2026 5d ago | SC 14D-9 | $12.79 $12.76 | ▼ −0.23% | ▲ +0.15% | $12.76 (−0.23%) |
Oct 27, 2026 5d ago | 6-K | No price | awaiting T+1 | awaiting T+1 | No price |
Oct 26, 2026 5d ago | 6-K | $12.77 $12.79 | ▲ +0.16% | ▼ −0.19% | $12.76 (−0.08%) |
Oct 23, 2026 9d ago | 6-K | $12.77 $12.77 | · 0.00% | ▼ −0.56% | $12.76 (−0.08%) |
Oct 23, 2026 9d ago | 6-K | $12.77 $12.77 | · 0.00% | ▼ −0.56% | $12.76 (−0.08%) |
Oct 22, 2026 10d ago | 6-K | $12.77 $12.73 | ▲ +0.31% | ▼ −0.21% | $12.76 (+0.08%) |
US Market Status
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