Intendencia General Resolution SMV No. 010-2020-SMV/11.1

Lima, 04 February 2020

The Intendente General de Supervisión de Conductas

Whereas:

File No. 2020000624, as well as Internal Report No. 134-2020-SMV/11.1 dated 04 February 2020, from the Intendencia General de Supervisión de Conductas of the Superintendencia Adjunta de Supervisión de Conductas de Mercados;

Considering:

That, by document submitted on 07 January 2020, Inversiones Nacionales de Turismo S.A. – INTURSA, represented by Mr. Francisco José Pérez – Egaña Monge, requested the Superintendencia del Mercado de Valores – SMV, through the Ventanilla Única system, the delisting of the common shares representing its share capital from the Registro Público del Mercado de Valores and from the Registro de Valores of the Bolsa de Valores de Lima, under the provisions of article 19 of the Reglamento de Inscripción y Exclusión de Valores Mobiliarios en el Registro Público del Mercado de Valores y en la Rueda de Bolsa, approved by SMV Resolution No. 031-2012-SMV/01 and its amending rules;

That, from the evaluation carried out within the framework of the procedure to which this Resolution refers, it has been verified that by CONASEV Resolution No. 085-80-EFC/94.10 dated 31 October 1980, the registration of the common shares representing the share capital of Inversiones Nacionales de Turismo S.A. in the Registro de Valores of the Bolsa de Valores de Lima was authorized;

That, additionally, it has been observed that in the General Shareholders' Meeting of Inversiones Nacionales de Turismo S.A. held on 06 January 2020, it was agreed to delist the common shares representing the share capital of said company from the Registro Público del Mercado de Valores and from the Registro de Valores of the Bolsa de Valores de Lima; as well as to carry out a public tender offer for delisting – OPC. Likewise, it was agreed to delegate powers to Mr. Francisco José Pérez - Egaña Monge, Mr. Miguel Ángel Salmón Jacobs and Mrs. Andrea Cecilia Ostolaza Nieto, so that individually and with sole signature, they may carry out all actions and/or procedures necessary in relation to the delisting request and the corresponding OPC;

That, article 37, literal a), of the Ley del Mercado de Valores, Decreto Legislativo No. 861 and its amending rules, and article 19, subsection 19.1, of the Reglamento de Inscripción y Exclusión de Valores Mobiliarios en el Registro Público del Mercado de Valores y en la Rueda de Bolsa, establish that the delisting of a security from the Registro Público del Mercado de Valores takes place by reasoned resolution of the SMV at the request of the issuer, when the registration of the securities originated by its own will;

That, Inversiones Nacionales de Turismo S.A. has complied with the documentation and information requirements required by the Ley del Mercado de Valores and by article 21 of the Reglamento de Inscripción y Exclusión de Valores Mobiliarios en el Registro Público del Mercado de Valores y en la Rueda de Bolsa;

That, in accordance with the provisions of article 20, numeral 20.1, of the Reglamento de Inscripción y Exclusión de Valores Mobiliarios en el Registro Público del Mercado de Valores y en la Rueda de Bolsa, the SMV forwarded the delisting request to the Bolsa de Valores de Lima;

That, article 38 of the Ley del Mercado de Valores, as well as article 32 of the Reglamento de Oferta Pública de Adquisición y de Compra de Valores por Exclusión, approved by CONASEV Resolution No. 009-2006-EF/94.10 and its amendments, and the last paragraph of article 19 of the Reglamento de Inscripción y Exclusión de Valores Mobiliarios en el Registro Público del Mercado de Valores y en la Rueda de Bolsa, provide that the delisting of a security from the Registro Público del Mercado de Valores generates the obligation to carry out a public tender offer for delisting – OPC, except for the exception cases regulated by the Reglamento de Oferta Pública de Adquisición y de Compra de Valores por Exclusión and by the Reglamento de Inscripción y Exclusión de Valores Mobiliarios en el Registro Público del Mercado de Valores y en el Registro de Valores de la Bolsa de Valores de Lima;

That, in the present case, the exceptions contemplated in the regulations indicated in the preceding recital are not applicable, reason why Inversiones Nacionales de Turismo S.A. must direct a public tender offer for delisting – OPC to the holders of the common shares who did not participate or opposed the agreement that generates the delisting of the security from the Registro Público del Mercado de Valores and from the Registro de Valores of the Bolsa de Valores de Lima;

That, likewise, according to the provisions of articles 31 and 33 of the Reglamento de Oferta Pública de Adquisición y de Compra de Valores por Exclusión, the delisting of the common shares representing the share capital of Inversiones Nacionales de Turismo S.A. is conditioned upon the completion and settlement of the respective public tender offer for delisting – OPC, which must be carried out within the term established by the regulations for such purpose, otherwise, the delisting will not take effect;

That, article 7, numeral 6, of the Política sobre difusión de proyectos normativos, normas legales de carácter general, agenda regulatoria y otros actos administrativos de la SMV, approved by SMV Resolution No. 014-2014- SMV/01 and its amending rules, establishes that the decisions contained in administrative resolutions referring to the delisting of securities from the Registro Público del Mercado de Valores must be disseminated through the Portal del Mercado de Valores of the Superintendencia del Mercado de Valores (www.smv.gob.pe); and,

In accordance with the provisions of article 37, paragraph a), of the Securities Market Law, articles 19, 20 and 21 of the Regulation for the Registration and Exclusion of Securities in the Public Registry of the Securities Market and in the Stock Exchange, and article 46, numeral 6, of the Regulation of Organization and Functions of the Superintendency of the Securities Market, approved by Supreme Decree No. 216-2011-EF and its amendments, which empowers the General Superintendency of Conduct Supervision to order the exclusion of securities from the Public Registry of the Securities Market.

Resolves:

Article 1.- To order the exclusion of the common shares representing the share capital of Inversiones Nacionales de Turismo S.A. from the Public Registry of the Securities Market under the charge of the Superintendency of the Securities Market – SMV, which shall take effect once the corresponding public tender offer for exclusion – OPC has been made and settled.

Article 2.- To rule in favor of the exclusion of the securities indicated in the preceding article from the Securities Registry of the Lima Stock Exchange, which shall take effect once the corresponding public tender offer for exclusion – OPC has been made and settled.

Article 3.- The exclusion of the common shares representing the share capital of Inversiones Nacionales de Turismo S.A. from the Public Registry of the Securities Market and from the Securities Registry of the Lima Stock Exchange is conditioned upon the prior and effective completion of a public tender offer for exclusion – OPC, in accordance with the Regulation for Public Offers of Acquisition and Purchase of Securities for Exclusion, approved by CONASEV Resolution No. 009-2006-EF/94.10 and its amending rules.

Article 4.- Inversiones Nacionales de Turismo S.A. is obliged to disclose any due diligence or the existence of a valuation report or similar, as well as any relevant information that has or bears relation to the price or valuation of the common shares issued by it, without prejudice to due observance of securities market regulations.

Article 5.- To disseminate this Resolution on the Securities Market Portal of the Superintendency of the Securities Market – SMV (www.smv.gob.pe).

Article 6.- To transcribe this Resolution to Inversiones Nacionales de Turismo S.A. – INTURSA, as issuer; to the Lima Stock Exchange S.A.A.; and to CAVALI S.A. ICLV.

Register, communicate and disseminate.

Signed by: GODOS GARCIA Alix Fernando FAU 201310 Reason:

Alix Godos
General Superintendent
General Superintendency of Conduct Supervision