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Peruvian regulator cites MSRA for insufficient substantiation in valuation report supporting Holcim's tender offer
CPACCementos Pacasmayo Saa
The Superintendence of the Securities Market (SMV) issued observations to MSRA S.A.C., the firm that prepared a valuation report for Cementos Pacasmayo S.A.A. The regulator found that MSRA failed to sufficiently substantiate why Pacasmayo’s sales volume should grow at the rate of private investment, did not attach supporting documentation for depreciation and amortization calculations, and lacked evidence for percentage factors applied to inventories and property accounts. MSRA has one business day to address these requirements. Cementos Pacasmayo operates in the cement manufacturing industry.