Context: How Bolsa de Valores de Lima works, and what it makes issuers disclose · Peru on the LatAm Power Map
A Peruvian sugar cooperative turned listed company, Andahuasi has spent fifteen years locked out of its own factory — yet its shares still trade in Lima, and the dispute over who really controls it remains one of Peru’s most combustible corporate sagas.
| Full name | Empresa Agraria Azucarera Andahuasi S.A.A. |
| Ticker / exchange | ANDAHUC1 — Bolsa de Valores de Lima (BVL) |
| Headquarters | Calle La Unión Nº 122, Huacho, Lima, Peru |
| Sector | Agro-industrial (sugarcane cultivation) |
| Employees | 447 (360 for the parent, 87 for its subsidiary) |
| Market value (market cap) | ~S/ 38.7 million (~US$ 11.4 million) at ~S/ 0.17 (US$0.05)/share |
| Yearly sales (revenue, FY 2024) | S/ 17.6 million (US$ 5.2 million) |
| Net profit (FY 2024) | S/ –2.9 million (US$ –841,000) — a net loss |
| Net margin (FY 2024) | –16.3% (our calculation) |
| Return on equity | Negative — not meaningful in a loss year |
| Price-to-earnings (P/E) | Not applicable — company is loss-making |
| Dividend yield | None — no dividend ever paid |
| Website | www.andahuasi.com.pe |
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What it is
Andahuasi grows, harvests, and sells sugarcane; it was formerly known as Cooperativa Agraria Azucarera Andahuasi Ltda., converted to a limited company in December 1996, and has been based in Huacho, Lima since its founding in 1970. Its designed product range spans white and brown sugar, industrial alcohol, and molasses — along with some livestock farming — though in practice it can currently only sell raw cane.
The company operates a processing plant with a maximum milling capacity of 2,000 tonnes of cane per day — but it cannot use it. Since May 2009, rival shareholder factions — the Wong and Bustamante business groups — and former workers physically seized the company’s headquarters, fields, and assets, leaving it without functioning governance and unable to mill sugar or access bank credit.
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Who owns it
Río Pativilca S.A., the Wong family vehicle, holds 27.96% of Andahuasi’s capital — the single largest block, per the 2024 Memoria Anual filed with the SMV. Inversiones Dagomar S.A., also linked to the Wong family, holds a further 15.68%, while Ducktown Holdings S.A. holds 16.81% and Zabuck International Inc. 12.90% — both Panamanian entities.
The subsidiary Industrial Andahuasi S.A.C. holds 8.97%, and minority shareholders hold the balance.
Peru’s securities regulator CONASEV sanctioned Erasmo Wong, Río Pativilca, and related parties in 2009 for acquiring more than 49 million Andahuasi shares without making the required public tender offer (OPA). In 2014, a Lima criminal court convicted two intermediaries involved in that share sale of fraud in the administration of a legal entity and sentenced them to four years’ imprisonment.
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Who runs it
Jorge Luis Jiménez Ugarte serves as General Manager of Andahuasi, acting through the management company Servicios Agro Gerenciales S.A.C. as disclosed in the 2024 annual report.
His appointment as General Manager could not be formally registered in Peru’s public records because a lawsuit was filed challenging the validity of the shareholder resolutions that appointed him.
The board of seven directors is led by Erasmo Jesús Rolando Wong Lu as first titular director, flanked by six others including Wilfredo Ma Luzula, Augusto Chiong Yep, and Luis Baba Nakao, per the 2024 Memoria Anual. No CFO is separately disclosed in available sources.
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The money, in plain words
In 2024, revenue was S/ 17.6 million (US$ 5.2 million), up just 0.29% from S/ 17.5 million (US$5 mn) a year earlier — a business that is barely growing and whose sales come almost entirely from selling raw cane to a related company. One related-party balance of S/ 10.9 million (US$3 mn) was offset against amounts owed to another affiliate in September 2024, illustrating how tightly the company is intertwined with the Wong group’s wider web of entities.
The company lost S/ 2.9 million (US$ 841,000) in 2024 — a net margin of –16.3% (our calculation) — an improvement on the S/ 5.6 million (US$2 mn) loss in 2023. Total assets at 31 December 2024 stood at S/ 437 million (US$ 128.5 million), but those accounts cover only the portion of assets under the legal management’s actual control.
Total liabilities of S/ 401 million (US$ 118 million) leave equity of just S/ 36 million (US$ 10.6 million), and the company holds virtually no cash — S/ 8,000 (US$ 2,350) at year-end.
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What it is doing now
In January 2025, a Huaura civil court ruled inadmissible a lawsuit seeking to annul the shareholder resolutions that appointed the current board and general manager — a procedural win for the Wong-backed administration. In August 2024, Peru’s Constitutional Tribunal rejected a challenge by Andahuasi’s board against the tax authority SUNAT, forcing the company to absorb a substantial tax liability from an earlier management period.
In 2024, the company also completed a dramatic capital restructuring: S/ 216 million (US$64 mn) of share capital was written down to absorb accumulated losses, and a S/ 17.5 million (US$5 mn) legal reserve was applied to the same purpose — reducing stated capital to just S/ 11.4 million (US$3 mn). This accounting reset does not add new money; it simply matches the balance sheet to reality.
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What to watch
- Plant restitution: Recovery of the sugar-processing facility — idle since 2009 — would transform revenues overnight; every court ruling matters.
- Cash position: With only S/ 8,000 (US$2 k)in the bank, the company relies entirely on loans from related parties to meet payroll and supplier bills; any rupture in that funding line is an existential risk.
- Litigation outcomes: Multiple criminal and civil proceedings involving the Wong family and Andahuasi remain active; a material ruling could redraw the ownership map.
- Going-concern risk: With losses in every recent year, no bank credit, and assets largely out of its control, the auditors’ clean opinion covers only the portion of the business the legal management actually operates — a significant caveat for any investor.
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Sources
- Empresa Agraria Azucarera Andahuasi S.A.A. — Memoria Anual 2024, filed with the SMV, March 2025 (primary source for founding history, shareholders, employees, board, revenues, and governance narrative).
- Empresa Agraria Azucarera Andahuasi S.A.A. — Estados Financieros Separados al 31 de diciembre de 2024, SMV filing, audited by Víctor Guerra García, 28 February 2025 (primary source for all financial figures: revenue, net loss, total assets, equity, cash, balance sheet).
- Bolsa de Valores de Lima — Emisor listing page: Empresa Agraria Azucarera Andahuasi S.A.A.
- IDL-Reporteros — El guante blanco y la mano negra (background on criminal proceedings and Río Pativilca share acquisition).
- Gestión — Las movidas accionarias en el negocio azucarero del Grupo Wong (ownership percentages and SMV filings on Wong family reorganisation).
- Market data: EODHD.
This is news, not investment advice.
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