C.A. Fábrica Nacional de Vidrio

What it is

FNV is Venezuela’s listed vehicle for glass manufacture: the holding company controls Productos de Vidrio S.A. (Produvisa), which produces and sells glass containers and bottles for the beverages, food and pharmaceutical industries. The group also runs glass recycling activities, with all physical production carried out at plants in the state of Aragua.

The company was incorporated on 13 November 1974, making it one of the longest-standing listed names on the Caracas exchange. FNV itself is a pure holding shell — its own income statement shows zero sales; every bolivar of actual glass revenue, cost and profit belongs to Produvisa, which is not separately listed.

Who owns it

The majority shareholder is SAVIDUPRO, S.L., a company whose receivable against Produvisa — FNV’s sole investment — was used as the primary contribution to fund the 2025 capital increase. SAVIDUPRO is the named controlling entity in BVC filings, but its own beneficial ownership structure (the individuals or family behind it) is not disclosed in available Venezuelan securities filings.

Not published: the exact percentage held by SAVIDUPRO S.L. and the size of the public free float are not stated in the SUNAVAL filings or BVC notices reviewed.

Venezuelan securities law (Ley de Mercado de Valores 2010) requires major-shareholder disclosure in the prospectus for new share issuances; the July 2025 offering circular on bolsadecaracas.com names SAVIDUPRO as majority holder but does not give a precise percentage.

Who runs it

Not published: the names of FNV’s board president, directors or any executives are not disclosed in the SUNAVAL quarterly filings (FNVT0725, FNVT1025) or in the BVC public notices reviewed. The capital-increase circular from July 2025 on bolsadecaracas.com provides a subscription email address ([email protected]) for the board but names no individual.

Venezuela’s Ley de Mercado de Valores Art. 56 requires periodic disclosure of board composition, yet FNV’s publicly available filings on sunaval.gob.ve as of the date of this profile do not include a named director list.

The money, in plain words

FNV the listed entity earns nothing directly — it simply owns Produvisa and receives whatever Produvisa eventually pays up. The holding company’s income statement for the year ended October 2025 shows zero sales revenue, zero cost of goods, and a net loss of Bs.

420,858,848 (~$594,500 at current FX — our calculation) driven entirely by a monetary-position loss: the accounting charge that Venezuelan inflation accounting applies when a company’s bolivar assets lose purchasing power.

The balance sheet at 31 October 2025 shows total assets of Bs. 2,828,938,626 (~$3.995 million — our calculation), with zero financial debt — the company is entirely equity-financed.

Virtually all of those assets are the carrying value of the Produvisa investment; the only cash on the books was Bs. 52,492,760 (~$74,100 — our calculation), arrived at after a fresh-capital injection from SAVIDUPRO converted into paid-in capital.

What it is doing now

In July 2025, FNV launched its largest corporate action in recent memory: a rights issue offering up to 2,662,320,540 new shares at Bs. 0.16 each, for a total raise of up to Bs.

425,971,286.40 (~$601,700 — our calculation), authorised by the Superintendencia Nacional de Valores under Providencia No. 092 of 16 July 2025.

The raise is partly funded by converting a receivable that SAVIDUPRO already holds against Produvisa, and partly by cash contributions from other shareholders. Separately, in March 2026, a broker requested a special “inactive titles” auction for a block of 250,000 FNV shares on the BVC — a sign that the stock rarely trades through normal market sessions.

What to watch

• Produvisa financials: FNV’s investment value — and any future dividend — depends entirely on Produvisa’s glass-production results, which are not published in FNV’s own SUNAVAL filings. Analysts should seek Produvisa’s standalone accounts.
• Capital-increase completion: If the full Bs. 425.97 million raise closes, share count rises more than twenty-fold — from 123.6 million to up to 2.79 billion shares — massively diluting non-subscribing minority holders.
• Liquidity: The stock is formally classified as an “inactive title” on the BVC; price discovery is near-impossible in the absence of regular trading sessions. The 52-week range of Bs. 0.01–540 reflects this dysfunction, not genuine corporate volatility.
• Venezuela macro: Every bolivar figure in FNV’s accounts is restated in constant purchasing power under hyperinflationary accounting. Reported losses are accounting artefacts of inflation, not cash burn — but the macro environment that produces them remains the central risk for any investor.

This is news, not investment advice.