SCHEDULE: Holcim and Inversiones ASPI S.A. Increase Stake in Cementos Pacasmayo

Holcim Ltd. and Inversiones ASPI S.A. have jointly filed an amendment to their Schedule 13D, reporting beneficial ownership of 50.01% of Cementos Pacasmayo SAA's common shares.

Summary

• This filing is an amendment (Amendment No. 1) to a previously filed Schedule 13D, concerning the common shares of Cementos Pacasmayo SAA.
• The reporting persons, Inversiones ASPI S.A. and Holcim Ltd., now collectively beneficially own 211,985,547 shares, representing 50.01% of the outstanding common shares.
• This ownership level is based on a total of 423,868,449 common shares outstanding as of June 16, 2026.
• On June 15, 2026, Holcim's Executive Committee determined that a public tender offer would be made for any and all of the issued and outstanding common shares of Cementos Pacasmayo SAA.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a moderately positive development, indicating strategic intent and increased control for the reporting persons, though the full impact on minority shareholders depends on the tender offer terms.

Positives

• Increased control and ownership stake in Cementos Pacasmayo SAA by Holcim and Inversiones ASPI S.A., potentially leading to greater strategic alignment and operational efficiencies.
• The filing indicates a clear intention to acquire all outstanding shares through a public tender offer, suggesting a commitment to a full integration or consolidation.

Negatives

• The intention to launch a tender offer for all shares could signal a potential delisting or significant change in the company's public trading status, which may not be favorable for all existing shareholders.
• The increased ownership by a single entity or group could lead to reduced liquidity for minority shareholders if a tender offer is successful and the company is subsequently taken private.

Risks

• The success of the public tender offer is subject to various conditions, which could include regulatory approvals, shareholder acceptance, and market conditions.
• Potential for increased scrutiny from regulatory bodies regarding the tender offer and change of control.
• Uncertainty for minority shareholders regarding the terms and pricing of the tender offer.

Future Outlook

Holcim's Executive Committee has determined that a public tender offer will be made for any and all of the issued and outstanding Common Shares of Cementos Pacasmayo SAA.

Management Comments

• Holcim's Executive Committee determined that the Public Tender Offer would be made for any and all of the issued and outstanding Common Shares.

Industry Context

StockSavvy.ai notes that this move by Holcim, a global leader in building materials, into Cementos Pacasmayo SAA, a significant player in the Peruvian market, aligns with industry consolidation trends. Major players often seek to increase market share and operational control in key regions through strategic acquisitions and tender offers.

Stakeholder Impact

• Shareholders: May be presented with an opportunity to sell their shares through a tender offer, with the price and terms being critical factors.
• Management and Employees of Cementos Pacasmayo SAA: Potential for changes in leadership and operational strategy following a successful tender offer and integration by Holcim.
• Creditors: The financial stability and credit profile of Cementos Pacasmayo SAA may be impacted by the change in ownership and potential integration into Holcim's global operations.

Next Steps

• Launch of a public tender offer for any and all issued and outstanding Common Shares of Cementos Pacasmayo SAA.

Key Dates

Recommendation

For existing shareholders of Cementos Pacasmayo SAA, the recommendation is to 'hold' and await the terms of the public tender offer. The filing indicates a significant ownership increase and intent for a full acquisition, which could lead to a favorable offer price, but the exact terms are unknown. For investors not currently holding shares, the situation warrants close monitoring of the tender offer details before considering any investment.

Keywords

Cementos Pacasmayo SAA, Holcim Ltd., Inversiones ASPI S.A., Schedule 13D, Tender Offer, Beneficial Ownership, Share Acquisition, Peru, Construction Materials, Cement