Corimon, C.A.

What it is

Corimon is a Venezuelan chemical company founded in 1949, engaged in the manufacture, distribution and sale of paints, resins, packaging materials and ink.

Its subsidiaries cover every link in the paint chain: Corimon Pinturas makes paints for architectural, wood, industrial and automotive markets; RESIMON produces synthetic resins; Montana Gráfica makes flexible packaging; Cerdex makes painter’s tools; and Tiendas Montana operates a retail network of paint stores.

The group is listed on the IBC index of the Caracas Stock Exchange and is present in Venezuela and Trinidad and Tobago.

Corimon has been a pioneer of Venezuela’s capital markets: its shares have traded on the BVC since 1979, and in 1993 it became the first Venezuelan company to list its shares as ADRs on the New York Stock Exchange.

Who owns it

The fund 3B1 Guacamaya, represented in Venezuela by Ricardo Cisneros, acquired a majority stake and is estimated to control around 60% of the company; the remainder stays with the group led by Carlos Gill Ramírez and minority shareholders.

The fund is linked to a vehicle that, according to Bloomberg, pursued a strategy of acquiring undervalued Venezuelan assets led by a new generation of the Cisneros family — one of Venezuela’s most prominent business dynasties — and operates out of Florida, United States.

The takeover vehicle, Inversiones Tulipán LLC (Delaware), launched a public tender offer in 2021 to buy up to 9.42% of Corimon’s capital at US$0.20 per share, cleared by SUNAVAL under Providencia No. 081.

Who runs it

Carlos Gill Ramírez, who acquired control of Corimon after the company’s severe financial crisis in 1996, has served as president of the board (Presidente de la Junta Directiva).

Not published: the names of a separate CEO or CFO, and any change in board composition following the 2021 acquisition by the 3B1 Guacamaya fund, are not disclosed in the BVC filings, SUNAVAL public notices, or the company’s own investor-relations pages as currently accessible. Venezuelan securities rules (SUNAVAL resolution framework) require listed companies to disclose the composition of their board in their annual shareholders’ meeting notices (convocatoria), but those documents are behind the BVC’s login wall.

The money, in plain words

Not published: Revenue, net profit, net margin, return on equity, and price-to-earnings ratio are not available in publicly accessible sources. The Bolsa de Valores de Caracas published a notice on 4 September 2023 that audited consolidated financial statements for the year ended 31 March 2023 had been filed, but the actual document is behind BVC’s subscriber paywall; SUNAVAL’s public portal does not separately republish the figures; and the company’s own site (corimon.com) is currently a maintenance placeholder.

Venezuela’s securities law (Ley de Mercado de Valores, Article 56) requires annual audited financials within 90 days of year-end, so the filings exist — they are simply not freely downloadable.

What is visible: Corimon paid a dividend of VES 0.023 (US$0.00)per share in October 2024. At the current BVC price of VES 539 (US$0.76)($0.76), that yields essentially nothing — 0.004% — meaning the stock is held for its asset and brand value, not its income stream.

The most recent material corporate action was a share-capital increase approved at the ordinary shareholders’ meeting of 26 September 2024, which also triggered an adjustment in the nominal value of each share.

What it is doing now

Corimon counts around 2,000 workers and carries the Montana and Sherwin-Williams paint brands alongside subsidiaries in packaging, resins, brushes and rollers.

The group has deliberately refocused on the Venezuelan domestic market, stepping back from the ambitious Latin American and Caribbean expansion of the 1990s. The September 2024 capital increase signals that the new controlling shareholder is injecting fresh equity — a sign of commitment rather than exit.

What to watch

• Financial transparency: The BVC filings for fiscal years 2024 and 2025 — due 90 days after each March year-end — are the first hard test of whether the Cisneros-linked fund intends to run Corimon as an open or a closed shop for outside investors.
• Ownership clarity: The exact post-OPA stake of 3B1 Guacamaya has never been officially confirmed in a public SUNAVAL filing; any formal disclosure of a stake above 50% would trigger additional regulatory consequences under Venezuelan securities law.
• Currency risk: The bolívar (VES) has lost value dramatically for years; any investor holding CRM.A in dollar terms lives and dies by the BCV’s official exchange rate, currently VES 707.9193 (US$1)per dollar.
• Brand licensing: Corimon holds the Sherwin-Williams brand in Venezuela — a relationship that could be revisited as US sanctions policy toward Venezuela evolves.

This is news, not investment advice.