On December 20, the last Friday before Christmasthe Lima Stock Exchange (BVL) suspended from 9 in the morning, for one hour, the trading of class A and class B shares of Inversiones Chancay Ports (IPCH).
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The decision made by the Markets Directorate of the BVL The purpose was for said securities to enter a price formation process, after the valuation carried out by Diviso Sociedad Agente de Bolsa (SAB).
The SAB had been selected by the Superintendency of the Stock Market, through a public tender, to determine the minimum price of class A shares of IPCH (IPCHAC1) because, by regulation, Transition Metals is obliged to launch an offer of purchase of these securities from minority shareholders (OPA), for which a reference price is needed.
This obligation of Transition Metals was acquired on May 8, 2024, when it acquired the titles that Glencore held in Volcan. With the split of Volcan and IPCH, the stock market authority interpreted that Transition should also launch a takeover bid for IPCH’s class A securities.
However, Diviso’s appreciation surprised the market. The SAB valued each IPCHAC1 share at the price of US$0.0657, and although these values are traded in soles in the Lima market, at the exchange rate they were trading around US$0.76, that is, a little more than 11 times the value estimated by Divide. At the end of the day on Friday, December 20, the price of IPCHAC1 fell to US$0.60 (-21.3%), which still remains almost 9 times above Diviso’s estimate and has not corrected to date.
WHAT HAS HAPPENED?
First of all, Diviso was the target of criticism, which was not necessarily out of taste. At the request of the SMV, he had to correct a series of errors observed in his report. However, the work of the SAB met the requirements of the regulation of a takeover bid, economist Iván Alonso stated to Peru21.
The SAB considered 7 calculation methodologies, of which only three applied due to the conditions of the port and the cut-off date with which the valuation had to be made, which was May 8, 2024, the day Transition Metals made the purchase. of Volcan shares.
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Diviso’s valuation took into account that the Port of Chancay was not a going concern, the inauguration had not occurred, nor were its securities listed on the BVL. Furthermore, IPCH does not have fixed assets nor does it operate or control the operations of the Port of Chancay. This is an investment with a projection of results yet to materialize, because the port terminal is in an incipient stage of its operation.
With these variables, the highest value of IPCHAC1 determined by the SAB was obtained with the information from the agreement that Volcan signed with Cosco Shipping Ports Limited, which allows IPCH to sell its participation in the Port of Chancay in the fifth year of the company’s operation.
Where did the market find a price of US$0.76 for IPCHAC1? According to Alonso, this value responded to the expectations that investors had regarding the future of the port, despite the fact that there was no financial history of the company to support that value.
Alonso specified that the work assigned to Diviso has been to find a price that will support a takeover bid, which is why it cannot be speculative. However, investors may or may not be correct about the security that IPCHAC1 has been trading and are not required to sell their securities to Transition Metals.
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