Manufacturas de Papel S.A.C.A. (MANPA)

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What it is

MANPA makes paper and converts it for industrial, commercial, domestic, school and office use; its product lines span a Hygienic Paper division — toilet paper, tissues, napkins and kitchen towels — and a Printing, Writing and Packaging division that includes bond paper, cardboard, sacks and bags for the food and pharmaceutical industries.

The roots go back to 1912, when a group of Venezuelans founded C.A. Fábrica de Papel de Maracay on the shores of Lake Valencia in Aragua state, producing multi-ply sacks for the cement and general commerce industries.

Most of the company’s plants remain in Maracay, Aragua state, equipped with modern production lines across the full range of paper products.

Who owns it

Carlos Eduardo Delfino Thormahlen — who serves as president of the board — appears in SUNAVAL regulatory filings as the signatory acting on behalf of MANPA, and the Fundación Carlos Delfino is the designated recipient of fractional shares arising from capital restructurings. This places the Delfino family at the centre of the controlling shareholder group.

Not published: the exact percentage breakdown of family versus free-float ownership is not disclosed in the BVC filings, the SUNAVAL 2024 annual market report, or the company’s investor-relations pages as accessed in this research. Venezuelan securities regulations administered by SUNAVAL require listed companies to disclose significant shareholdings in their annual reports (*memorias anuales*); however, MANPA’s audited financial statements for 2021–2024 were posted to the BVC on 2 June 2026 as gated PDFs accessible only to registered members of the exchange, placing the detail beyond open-source verification.

Who runs it

MANPA’s own corporate website lists a full board of principal and alternate directors. Carlos Eduardo Delfino Thormahlen is president of the board (Presidente de la Junta Directiva).

Javier Yñiguez serves as First Vice-President and Elisa Bustamante as Second Vice-President, with six further principal directors including Juan Carlos Carpio Delfino and José Ignacio Delfino Gomez — names that again point to family governance.

Not published: a separate CEO or General Manager title distinct from the board presidency is not disclosed on the company’s investor-relations or governance pages, nor in BVC filings reviewed. The CFO title is likewise not named in any public filing accessed.

The money, in plain words

MANPA’s audited consolidated financial statements for the year ended 31 December 2024 — covering the income statement, balance sheet, and cash-flow statement — were published on the Bolsa de Valores de Caracas on 2 June 2026. The PDFs are available only to registered BVC members, so specific revenue, net profit, total assets, and derived ratios (net margin, return on equity, price-to-earnings) cannot be read and quoted here.

Not published: the revenue, net profit, total assets, net margin, return on equity and price-to-earnings ratio for fiscal year 2024 are contained in the gated BVC filing “MANUFACTURAS DE PAPEL, CA (MANPA) Y SUBSIDIARIAS 2024.pdf,” posted 2 June 2026 at bolsadecaracas.com. Venezuelan Ley del Mercado de Valores and SUNAVAL regulations require listed issuers to file audited annual financial statements; MANPA complied, but the exchange distributes those filings on a subscription basis, preventing open verification of individual line items.

The share price of VES 98 (US$0.14)as of 9 July 2026 (our calculation; source: BVC live session data) and the post-consolidation share count of 3,522,000,000 shares (SUNAVAL Providencia 045-2022) yield an estimated market capitalisation of VES 345.2 billion (~US$487 million at 707.9193 VES/USD).

What it is doing now

An Extraordinary General Assembly of Shareholders was convened for 18 June 2026, with two headline items: ratification of financial statements for fiscal years 2021, 2022, 2023 and 2024 simultaneously, and approval of the board’s management over the full statutory period since December 2020. Additional agenda points included amending the company’s constitutional by-laws regarding board size and meeting procedures, and electing a new board for the next statutory period.

The board proposed not declaring a cash dividend for fiscal year 2021 — and no cash dividend was distributed for 2024 either, meaning shareholders have gone without a cash return for at least four consecutive years. Unaudited quarterly figures for the fourth quarter of 2025 versus 2024 were also filed with the BVC, confirming the company continues to report regularly even as annual audits lagged.

What to watch

• Governance catch-up. Presenting five years of financials at a single assembly — and renewing a board whose term expired in 2020 — is unusual even for a small frontier market. How the 18 June 2026 assembly resolved these items, and what the audited numbers reveal, is the single most important near-term disclosure.
• Capital structure. MANPA has accessed short-term commercial paper (papeles comerciales al portador) through the BVC — a sign it relies partly on market debt for working capital in an economy with limited banking credit.
• Currency risk. The Caracas stock exchange’s total market capitalisation grew 58% in dollar terms in 2024, partly because inflation erodes the bolívar; MANPA’s reported VES figures need to be read against an official inflation rate that still ran at 48% in 2024, making dollar-equivalent comparisons across years unreliable without restated figures.
• Ownership transparency. If the June 2026 assembly approved the pending capital increase, the resulting ownership structure — and any shift in the Delfino family’s percentage — is the key number for outside investors to track.

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This is news, not investment advice.