Context: How Bolsa de Valores de Quito works, and what it makes issuers disclose · Ecuador on the LatAm Power Map
Deep in Ecuador’s Guayas province, a small company grows teak trees — one of the world’s most valuable hardwoods — and raises livestock on land it has farmed since 2003. El Tecal C.A.
ELTECA is listed on the Bolsa de Valores de Guayaquil, but it is one of the quietest names on Ecuador’s market: in December 2025, its shares changed hands for just $3,500 in a single month.
| Full name | El Tecal C.A. ELTECA |
|---|---|
| Ticker / Exchange | ETC — Bolsa de Valores de Guayaquil (BVG) |
| Headquarters | Av. 9 de Octubre No. 100 y Malecón, Edif. La Previsora, Of. 2206, Guayaquil, Ecuador |
| Sector | Agriculture — teak forestry, livestock, mixed crop farming (CIIU A0150) |
| Founded | 6 May 2003 (Registro Mercantil, Guayaquil) |
| Employees | Not published: not disclosed in BVG filings or Supercias public portal |
| Share par value | $1.00 per share (USD; Ecuador is fully dollarised) |
| Last traded price | $10.00 per share (December 2025, Metrovalores/BVG data) |
| Market value (market cap) | Not published: total shares outstanding not disclosed in free-access sources; cannot be calculated |
| Yearly sales (revenue) | Not published (see note below) |
| Net profit | Not published (see note below) |
| Net margin | Not published |
| Return on equity | Not published |
| Price-to-earnings | Not published |
| Dividend yield | Not published |
| Website | Not published in available sources |
What it is
El Tecal’s primary activity is agriculture, with a particular focus on the cultivation of teak — a slow-growing tropical hardwood prized globally for furniture, shipbuilding and flooring. The company also produces food and fibre through raising domesticated animals, and grows field crops including maize, rice, wheat and oats.
Its other activities span mixed crop farming, including organic systems, livestock management, pest control and soil-fertility work. Ecuador’s Guayas province, where El Tecal operates, offers a humid tropical climate well suited to teak plantations, which typically take 20–25 years to reach commercial maturity — making this a business that demands patience from its owners.
Who owns it
El Tecal C.A. is a public limited company (sociedad anónima) established on 6 May 2003 in Guayaquil, Ecuador.
It is listed on the Bolsa de Valores de Guayaquil under ticker ETC, but it trades so infrequently that ownership details are not disclosed through the exchange’s public filings. The 2014 Supercias registry records show that a shareholder named Rubén Augusto Estrella Íñiga received 50 ordinary shares through a marital-property division — a glimpse into the company’s small, closely-held share register.
Not published: The full shareholder register and ownership percentages are not available in any free-access filing on the BVG issuer page, the Supercias public portal (expediente 112126), or the EcuadorPapers archive. Under Ecuador’s Ley de Mercado de Valores (Art.
11), listed companies must disclose significant shareholdings, but no such public filing was located in open sources during this research.
Who runs it
Paul Palacios Martínez has served as President — the legally recognised executive representative — of El Tecal C.A. ELTECA.
His appointment was formally registered with the Registro Mercantil of Guayaquil in March 2013 for a five-year term, and he signed official Supercias correspondence as recently as 2015. Whether he remains in post today or has been succeeded is not confirmed in any publicly available filing found during this research.
Not published: The names of a CFO, General Manager or current board members are not disclosed on the BVG issuer page or in any free-access Supercias document. The company appears to have no public-facing investor-relations page or website.
The money, in plain words
Not published: Revenue, net profit, total assets and all derived ratios — net margin (profit as a share of sales), return on equity (profit as a share of owners’ capital) and price-to-earnings (share price divided by profit per share) — are not available in any free-access source. The Superintendencia de Compañías requires all listed Ecuadorian companies to file annual audited financial statements, and EMIS notes that financial data through 2024 exists — but it sits behind a paid subscription.
Neither the BVG issuer page nor the EcuadorPapers document archive contains a balance sheet or income statement for El Tecal in free-access form.
What is publicly visible is the share price: El Tecal’s share closed December 2025 down 60% on the month, settling at $10.00, with zero change on a twelve-month basis — meaning the year’s losses were concentrated in a single month’s transaction. The total value traded in December 2025 was just $3,500, confirming this is one of the least liquid equities on Ecuador’s market.
What it is doing now
The most recent material market event is that December 2025 share-price drop of 60% in a single month on negligible volume ($3,500 traded). On an illiquid stock, a single small transaction can move the quoted price dramatically — so this figure almost certainly reflects a single trade at a lower price rather than any broad sell-off.
No press releases, regulatory filings, earnings announcements or deal disclosures from El Tecal have appeared in publicly accessible sources in the period reviewed.
The company engaged Moore Stephens & Asociados Cía. Ltda.
to conduct the external audit of its financial statements for fiscal year 2015 — the most recent auditor appointment visible in public records, which itself signals how little this company discloses voluntarily.
What to watch
- Liquidity risk: With monthly traded volumes routinely in the low thousands of dollars, any investor — large or small — would struggle to buy or sell a meaningful position without moving the price sharply.
- Teak cycle: Commercial teak reaches harvest in roughly two decades; El Tecal was incorporated in 2003, meaning its earliest plantations may now be approaching maturity — a potential inflection point for revenue and cash flow.
- Disclosure gap: Until El Tecal publishes freely accessible audited accounts, investors have no verified revenue, profit, or debt figure on which to base any valuation.
- Leadership clarity: The last confirmed leadership appointment is from 2013. Confirmation of current management is a prerequisite for any governance assessment.
Sources
- Bolsa de Valores de Guayaquil — Issuer page for El Tecal C.A. ELTECA (ETC): bolsadevaloresguayaquil.com/emisores/info-emisor.asp?emicodi=E.36
- EcuadorPapers / Superintendencia de Compañías, Guayaquil — Expediente 112126, share-transfer notification (2014) and external audit contract (2015): ecuadorpapers.org — Transferencia Acciones 2014 and ecuadorpapers.org — Contrato Auditoría 2015
- Metrovalores Casa de Valores S.A. — Informe Mensual de Mercado de Valores, December 2025 (share-price and volume data): metrovalores.com.ec
- EMIS — El Tecal C.A. Elteca Company Profile (incorporation date and sector classification, public summary only): emis.com
- Superintendencia de Compañías, Valores y Seguros (SCVS) — Market of Values regulatory overview: supercias.gob.ec
- Market data: EODHD (no financials available for this issuer).
This is news, not investment advice.
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