FRIGORÍFICO SAN PEDRO S.A.

What it is

Frigorífico San Pedro S.A. produces and sells beef cattle products — buying live cattle, slaughtering them, cutting and vacuum-packing the meat, and selling the result to supermarkets and, above all, to overseas buyers.

Founded in November 2009 by Brazilian partners who had been working in the meat industry in Paraguay for more than ten years, the company began slaughtering operations on 21 June 2011. The plant in Limpio started with a daily kill of 80 animals and built that up to a capacity of 1,800 animals per day.

Who owns it

The owner of Frigorífico San Pedro is Ronaldo Ferreira Martins, whose plant sits in the municipality of Limpio. His equity stake is not published in a freely available regulatory filing.

As of 2015, Ferreira Martins confirmed he was in negotiations to sell 50% of the company’s shares. A group of Panamanian investors was reported to be interested in acquiring that stake, but no subsequent public record confirms a completed transaction.

The current ownership split — who holds what percentage today — is not disclosed in available BVA or BCP filings.

Who runs it

Ronaldo Ferreira Martins serves as president (presidente) of the frigorífico and has been the public face of the company since its founding. No CFO or board chair is named in any publicly accessible regulatory document at the BVA or BCP Superintendencia de Valores.

Not published: the BVA issuer page (bolsadevalores.com.py/listado-de-emisores/184) and the BCP Superintendencia de Valores issuer entry carry no management directory; Paraguay’s securities regulation (Resolución N° 35/2023, Título 4, Capítulo 3) requires listed issuers to file audited annual information, but FRISAN has not complied, leaving management disclosure effectively blank.

The money, in plain words

At its peak, the company reported revenues above US$300 million for 2014 — an impressive run rate for a plant barely three years into operation. By its own account it had captured 17% of Paraguay’s total beef exports and ranked as the country’s second-largest beef producer.

Not published: no audited revenue, net profit, total assets, net margin, return on equity or any other income-statement figure exists in the public record for any period from 2015 to 2025. The primary sources examined — the BVA issuer filing page, the BCP Superintendencia de Valores issuer entry, and the BCP emisores announcements board — confirm that the company has repeatedly failed to submit the mandatory periodic financial information required under Resolución SV.SG.

N° 0022/2024 and its predecessor Resolución N° 35/2023. Two automatic suspensions were triggered: one on 1 April 2025 for non-submission of the 2024 annual report, and one on 19 May 2025 for non-submission of the Q1 2025 quarterly report.

An unexplained gap in disclosure of this duration and regularity is itself a material finding, not a data lacuna.

What it is doing now

In April 2015 the Comisión Nacional de Valores (CNV) ordered a preventive suspension of all public securities operations by Frigorífico San Pedro S.A. Bond-repayment rescheduling notices, bondholder assembly convocations and exchange correspondence followed through to early 2016.

The owner attributed the crisis partly to the collapse of the Russian market and falling export revenues. Slaughtering operations were suspended from 21 April 2015, and the company began steps to settle with roughly 1,000 plant workers.

Whether and to what scale operations subsequently resumed is not confirmed in any primary source reviewed; the company’s persistent failure to file mandatory financial reports through 2024–25 suggests it has not re-established normal listed-issuer standing.

What to watch

• Regulatory re-compliance: Until FRISAN files audited annual accounts with the BCP Superintendencia de Valores, its bonds remain in automatic suspension for new primary-market placements — and investors have no verified financial picture of the company.
• Ownership resolution: The 2015 negotiations to sell half the company to outside investors were never publicly concluded; clarity on the current shareholder register would be the first step toward any credible return to the capital markets.
• Operational status: Paraguay’s beef industry regained US access in late 2023 — a structural tailwind for any plant that resumes full operations; FRISAN’s slaughter capacity of 1,800 head per day, if intact, would be a meaningful asset in that environment.
• Bondholder exposure: Investors in the FSP.G1 and FSP.D1 bond programmes last received formal payment updates in 2015–16; the absence of subsequent filings means residual claims and any recovery remain entirely opaque.

This is news, not investment advice.