Cementos Pacasmayo Defends Holcim Deal Expenses in Response to SMV Scrutiny

An announcement from Cementos Pacasmayo SAA ( (CPAC) ) is now available.

On March 18, 2026, Cementos Pacasmayo filed a Form 6-K in the United States to disclose an official letter from Peru’s securities regulator, the SMV, concerning its accounting for expenses tied to a planned Holcim acquisition. The company informed regulators that it had responded to the SMV’s March 13, 2026 information request and communicated the response as a material fact, framing the exchange as part of an ongoing supervisory process.

In its March 17, 2026 correspondence to the SMV, the cement maker defended the treatment of “expenses associated with the Holcim acquisition” in its audited 2025 financial statements, insisting they contain truthful, complete information and fully comply with IFRS. It argued that the SMV is overstepping its supervisory mandate by pressuring for accounting reversals and imposing de facto new diligence standards, warning that premature disclosure demands and prejudgment could unsettle the market and potentially harm shareholders despite an observed rise in the share price since the transaction was announced.

The company reiterated that these transaction-related costs were recorded under the accrual principle following approvals by its governing bodies and backed by an unqualified audit opinion from independent auditors. It also highlighted expected strategic benefits from Holcim potentially becoming the controlling shareholder, citing synergies, stronger competitive positioning, scale efficiencies, and an improved risk profile as elements that support the economic rationale of assuming the transaction expenses in the interest of all shareholders.

The most recent analyst rating on (CPAC) stock is a Hold with a $13.00 price target. To see the full list of analyst forecasts on Cementos Pacasmayo SAA stock, see the CPAC Stock Forecast page.

Spark’s Take on CPAC Stock

According to Spark, TipRanks’ AI Analyst, CPAC is a Neutral.

The score is driven mainly by mixed financial performance—solid operating margins and generally positive free cash flow, but pressured by leverage and recent margin/revenue softness. Technicals are supportive with an established uptrend and moderate momentum, while valuation is helped by the high dividend yield but offset by a mid-range P/E. Earnings call commentary is net positive on volumes and margins, though transaction costs and project-driven volatility remain key risks.

To see Spark’s full report on CPAC stock, click here.

More about Cementos Pacasmayo SAA

Cementos Pacasmayo S.A.A., or Pacasmayo Cement Corporation, is a Peruvian cement producer operating in the construction materials industry. The company focuses on manufacturing and selling cement and related products for the domestic market, with its main offices located in Lima and oversight by Peru’s securities regulator, the SMV, as a listed issuer subject to IFRS reporting standards.

Average Trading Volume: 22,696

Technical Sentiment Signal: Buy

Current Market Cap: $925.7M

Find detailed analytics on CPAC stock on TipRanks’ Stock Analysis page.