Context: How B3 (Brasil, Bolsa, Balcao) works, and what it makes issuers disclose · Brazil on the LatAm Power Map
A single-room office on a Rio de Janeiro square, no staff, no revenue, and losses every year for at least a decade: Cemepe Investimentos is a publicly listed holding company that, by every conventional measure, has been in slow run-off since the 1990s. It still trades on Brazil’s B3 exchange — which is precisely why it is worth understanding.
| Key Facts — Cemepe Investimentos S.A. | |
|---|---|
| Full name | Cemepe Investimentos S.A. |
| Tickers / exchange | MAPT3 (ordinary) · MAPT4 (preferred) — B3, São Paulo |
| Headquarters | Praça Tiradentes 10, Room 304, Rio de Janeiro, RJ, Brazil |
| Sector / activity | Financial Services — Investment Holding |
| Employees | 0 (staff provided externally by Arbi Rio Incorporações Imobiliárias) |
| Market value (market cap) | R$ 2.76M (~US$536K) — EODHD |
| Yearly sales (revenue TTM) | R$ 0 |
| Net profit (loss) — 2025 | –R$ 103,000 (~–US$20K) |
| Net margin | n/a (no revenue) |
| Return on equity (ROE) | n/a (stockholders’ equity is negative) |
| Price-to-earnings (P/E) | n/a (loss-making) |
| Dividend yield | 0% — last dividend paid 1994 |
| Website | www.cemepe.com.br |
What it is
Cemepe traces its origins to 1991, when it was created as a spin-off from the bus-body manufacturer Marcopolo S.A., originally named Companhia Marcopolo de Participações. It changed its name to Cemepe Investimentos S.A. in April 1993.
It is a Brazilian publicly listed holding company in the financial sector, whose only remaining active stake is in STAM Participações Ltda. It has no employees of its own; the day-to-day work is carried out through the structure of Arbi Rio Incorporações Imobiliárias.
Who owns it
Cemepe Investimentos operates as a subsidiary of Cemisa Participações Ltda., which is the controlling shareholder. Cemisa holds approximately 80% of the company’s share capital, with insiders collectively controlling 89.2% of shares outstanding per EODHD data — leaving a free float of barely 10%.
Other shareholders include Arbi Rio Incorporações Imobiliárias and CBC. The identity of the ultimate beneficial owners behind Cemisa Participações Ltda.
is not disclosed in available sources.
Who runs it
Samuel Papelbaum serves as Chairman of the Board of Directors and Chief Investor Relations Officer. Bernardo Simões Birmann presided over the company’s annual general meetings in 2018 and 2019, acting as assembly chair.
No CEO or CFO is separately disclosed in available sources, consistent with a structure that outsources its operational functions and carries zero permanent headcount.
The money, in plain words
Cemepe earns nothing: revenue has been zero for at least three consecutive years, and the company posts a small operating loss each year — R$ 102,000 (~US$20K) in 2025, R$ 159,000 (~US$31K) in 2024, and R$ 133,000 (~US$26K) in 2023 (EODHD). These are running costs with no income to offset them.
The balance sheet is deeply impaired: total assets of R$ 773,000 (~US$150K) face total liabilities of R$ 7.28M (~US$1.41M), leaving stockholders’ equity — the net worth belonging to shareholders — at negative R$ 6.51M (~–US$1.26M) (EODHD, 2025). The company does not disclose ESG policies, and since suspending dividends between 2016 and 2018, it has focused on managing existing stakes and reducing liabilities rather than pursuing new investments.
The entire company’s stock-market value — its market capitalisation — is R$ 2.76M (~US$536K), less than the annual payroll of a modest small business; a P/E ratio cannot be calculated because there are no earnings; and no dividend has been paid since 1994 (EODHD; the last dividend on MAPT4 was R$ 1.00 (US$0.19)per share, paid in June 1994).
What it is doing now
The most recent regulatory filing is a quarterly financial statement (ITR) for the period ended 31 March 2026, submitted to B3 on 14 May 2026. The company continues to operate passively, prioritising financial restructuring while evaluating future options.
Cemepe has no active initiatives for expansion or portfolio diversification, maintaining a passive operational profile. Trading is extremely thin: the 52-week price range on MAPT4 runs from R$ 2.50 (US$0.49)to R$ 7.40, (US$1)with average daily volume of only 585 shares.
What to watch
- Equity deficit. The negative net worth of –R$ 6.51M (~–US$1.26M) means liabilities exceed all assets by a factor of nearly nine. Any further losses deepen this hole without a capital injection or asset sale to reverse it.
- Controlling-parent intentions. With Cemisa holding ~80% and almost no free float, any strategic shift — a merger, dissolution, or sale of the STAM stake — would be decided by one private entity. Minority shareholders have almost no practical leverage.
- Liquidity. Average daily trading volume of under 600 shares means that even a small sell order can move the price sharply. Anyone who buys in may find it difficult to sell out.
- Ongoing losses with zero revenue. Even minimal administrative costs are unsustainable indefinitely without an income source. The pattern of annual losses, now running three years in succession, bears watching each quarterly filing.
Sources
- B3 — Cemepe Investimentos S.A. listed-company overview, MAPT (accessed June 2026)
- Alpha Spread — MAPT4 Investor Relations (board/management data)
- Meus Dividendos — MAPT AGM minutes 2018–2019 (assembly chair)
- Investidor10 — MAPT4 company profile (ownership structure)
- Yahoo Finance — MAPT4.SA company profile
- AUVP Analítica — MAPT4 corporate history
- Market data: EODHD.
This is news, not investment advice.
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