Mantex, S.A.C.A.

What it is

Mantex traces its roots to 1951, when a Swiss-American company called Celanese Corporation set up a synthetic-fibre factory in Venezuela; by 1952 it was already listed on the Bolsa de Valores de Caracas, and in 1983 the company took the name Mantex. A Venezuelan investor group bought the struggling business after Celanese’s head office ordered the Valencia plant closed in the early 1980s, and they refloted it.

The decline of Venezuela’s textile industry forced the closure of that division in 1998, after which Mantex redirected its energy — and its old factory land — into building its first shopping centre, inaugurated in 2001 on the former industrial site in San Diego, Carabobo. Today the company constructs, sells, and manages real estate, develops and distributes advertising space, leases properties, and operates parking areas across its malls.

Who owns it

Mantex is held by a large group of private Venezuelan shareholders drawn from construction, finance, and commerce, whose combined know-how the company credits for its strategic decisions. The precise ownership breakdown and any controlling-shareholder percentages are not disclosed in available public sources — the company publishes no shareholder registry online, and the BVC and SUNAVAL portals do not carry Mantex filings in their freely accessible sections.

The Conde family appears central to management across generations: Enrique Conde Delfino led the group as president in 2015, and Emilio Conde now serves as executive president of Grupo Mantex Metrópolis. Whether the Conde family holds a controlling stake is not confirmed in available sources.

Who runs it

Emilio Conde is the executive president of Grupo Mantex; the board of directors includes Aisquel Dortolina, Vincencio Colmenares, Alberto Luna, and Jeanne Borges, as confirmed at the Congreso Cavececo in November 2024. Each of Mantex’s three malls has its own general manager: Erly Hernández (Metrosol Maracaibo), Norelis Meléndez (Metrópolis Barquisimeto), and José Lunar (Metrópolis Valencia).

No CFO or finance director has been identified in available public sources.

The money, in plain words

Venezuela’s chronic hyperinflation and exchange-rate dislocation mean that any bolívar figure must be treated with care: the official rate stood at Bs. 698.47 per US dollar at the time of writing.

No audited revenue, net profit, total assets, or equity figures for Mantex S.A.C.A. are published in any freely accessible source — neither on the company’s own site, the BVC filings portal, nor SUNAVAL’s public database — so no financial metrics (net margin, return on equity, price-to-earnings ratio, or dividend yield) can be reported here.

Investors should request the annual report — memoria anual — directly from the company or through a licensed Venezuelan broker.

The MTX ticker does not appear in the BVC’s current live trading feed, suggesting the stock trades at most episodically; liquidity risk for any outside investor is therefore very high.

What it is doing now

In November 2024, Mantex — through all three malls (Metrópolis Valencia, Metrópolis Barquisimeto, and Metrosol Maracaibo) — was an active participant in Congreso Cavececo 2024, the Venezuelan shopping-centre industry’s annual strategy forum held in Caracas. The company’s website was refreshed in April 2026, suggesting continued operational activity.

Mantex has consistently stated it has no “Plan B” outside Venezuela, employing around 4,500 people directly.

Plans announced years ago to add a hotel in Maracaibo — with 120 rooms attached to the Metrosol mall — had not been confirmed as completed in available sources.

What to watch

• Financial transparency. Mantex discloses almost nothing publicly. Any improvement in BVC or SUNAVAL reporting requirements would be the first step toward a proper valuation.
• Venezuela macro. Shopping-centre rental income is denominated partly in dollars informally; a deterioration in consumer purchasing power or a new exchange-rate shock would hit footfall and rent collection directly.
• Hotel project. If the long-planned Valencia and Maracaibo hotel annexes ever break ground, they would substantially expand the asset base — and the borrowing needs.
• Stock liquidity. MTX appears to trade rarely on the BVC. Any outside buyer faces a near-illiquid market; price discovery is essentially absent.
• Succession and governance. The Conde family’s multi-generational grip on management is an asset in continuity but a risk if ownership and control structures are never formalised or disclosed.

This is news, not investment advice.