Context: How Bolsa Boliviana de Valores works, and what it makes issuers disclose · Bolivia on the LatAm Power Map
A tiny Bolivian holding company with a three-decade track record and a USD 507 million investment book, Panamerican Investments S.A. is the quiet parent behind one of La Paz’s best-known financial groups — and its shares have never been easier to misunderstand from a distance.
| Full name | Panamerican Investments S.A. |
|---|---|
| Ticker / exchange | PIN.BO — Bolsa Boliviana de Valores (BBV), La Paz |
| Headquarters | Torre Ketal, Piso 4, Av. Sánchez Bustamante esq. Calle 15, Calacoto, La Paz, Bolivia |
| Sector | Diversified financial holding — capital markets, fund management, clean energy, software |
| Employees (group) | ~100 professionals in Bolivia, Peru and El Salvador |
| Market value (implied) | ~BOB 71.8 m (~USD 7.3 m) — 140,000 shares × ~USD 52 last traded price (our calculation; secondary market is thin) |
| Book value (net assets) | ~BOB 82.4 m (~USD 8.4 m) — 140,000 shares × USD 59.80 book value per share, FY 2024 (our calculation) |
| Revenue (group income) | Subsidiaries Panamerican Securities + Bolivian Investment Management contributed >USD 1.8 m to holding income in 2024; consolidated revenue not publicly disclosed in disaggregated form |
| Assets under management | USD 507 m (group, as published on grupopanamerican.com) |
| Dividend per share (2024) | USD 5.17 — a dividend yield of ~9.9% on the ~USD 52 market price (our calculation) |
| Price-to-book | ~0.87× (USD 52 price vs USD 59.80 book value per share — our calculation) |
| Registered as issuer | ASFI RMV No. SPVS-IV-EM-PIN-037/2000 (25 April 2000) |
| Website | grupopanamerican.com |
What it is
Panamerican Investments S.A. is the holding company of Grupo Panamerican, founded in 1994, operating across Latin America and the Caribbean in four business lines: capital markets, fund management, renewable energy, and software development.
Its legal purpose is to invest its own capital in other companies and financial securities — at home or abroad — manage those investments, and provide financial and corporate advisory services. In plain terms, it is a family-controlled financial conglomerate that owns a stockbroker, a fund manager, a clean-energy developer and a tech firm under one Bolivian roof.
Who owns it
The largest single shareholder is Carlos Enrique Herrera Sánchez with 19.00% of the 140,000 shares, followed by Karina Susana Kautsch Denegri at 9.38%, Dietrich Hausherr at 8.00%, Fernando Sánchez Valda at 6.09%, Jaime Villalobos Sanjinés at 6.09%, Carlos Herrera Jauregui at 5.58%, and Liana Schmitzberger at 5.43%. The remaining 30.11% is spread among 49 additional shareholders, making this a genuinely dispersed private-family ownership structure with no single controlling bloc above 20%.
The company acknowledges that the value of its shares has risen significantly, but that secondary-market trading remains marginal — a liquidity constraint the chairman says must be resolved in the near term.
Who runs it
The board at 31 December 2024 comprised: Enrique Herrera Soria as Chairman (Presidente); Jaime Villalobos Sanjinés as Vice-Chairman; Carola Blanco Morales as Secretary and Executive Director — the operational head of the business; Dietrich Hausherr as Past-President and Vocal; Hugo Grandchant Salazar as Vocal; Paul Stach as Síndico (independent auditor-director); and Javier Urcullo as Legal Advisor.
Day-to-day management sits with the Executive Director; investment strategy is run jointly by the Chairman and the Executive Director. Carola Blanco Morales has served in the executive-director role across multiple annual cycles, and also signs as President of the subsidiary Panamerican Securities S.A.
The money, in plain words
The proportional book value per share — what each share is actually worth in assets — rose to USD 59.80 in 2024 from USD 49.15 in 2023, a gain of 21.7% in a single year (our calculation), a strong result for any holding company.
Dividends paid out at the start of 2024 were USD 5.17 per share, and shares changed hands at around USD 52 at year-end 2024. At that price the shares trade at a 13% discount to book value — a price-to-book ratio of roughly 0.87× (our calculation) — meaning buyers get one dollar of net assets for about 87 cents, which is either a bargain or a liquidity penalty, depending on your patience.
The two most productive subsidiaries in 2024 were Panamerican Securities S.A. and Bolivian Investment Management Ltd., which together contributed more than USD 1.8 million in income to the holding. The group also added new positions — including Locfund Next and investments in mining and metallurgy — widening the holding’s exposure to higher-growth industries.
A significant risk embedded in all reported figures is Bolivia’s growing gap between the official and parallel exchange rates for the boliviano, which creates material distortions when converting financial values into dollars. Investors reading the accounts in USD should keep that caveat firmly in mind.
What it is doing now
In September 2024, Panamerican Securities S.A. transferred 39,669 shares of Panamerican SAFI S.A. — its fund-management subsidiary — directly up to Panamerican Investments S.A., concentrating that stake at the holding level and simplifying the group’s corporate structure.
On 14 December 2023, ASFI authorised a multi-tranche bond programme for Panamerican Investments (ASFI/1298/2023), registered in the securities market as ASFI/DSV-PEB-PIN-008/2023. Issuances under “Bonos PISA II” are placing debt directly on the Bolivian exchange, giving the holding a public-market funding channel beyond its equity.
What to watch
- Share liquidity. The chairman has flagged it himself: 140,000 shares and thin secondary trading make PIN.BO hard to buy or sell at scale — any move to increase the float would be a catalyst.
- Bolivia’s currency gap. A widening spread between the official and parallel boliviano rates can erode real returns and complicate asset-valuation transparency.
- Mining and energy bets. New positions in mining, metallurgy and the Langui hydroelectric project in Peru are still maturing; their contribution to book value could swing materially in either direction.
- Bond programme rollout. Watch how quickly the Bonos PISA II tranches are placed and at what rate — the coupon the market demands will be the clearest signal of how institutional Bolivia prices the group’s credit risk.
Sources
- Panamerican Investments S.A. — Memoria Anual 2024 (annual report PDF, grupopanamerican.com)
- ASFI — Prospecto Marco Bonos PISA II (bond programme prospectus, asfi.gob.bo)
- ASFI — Ficha de emisor Panamerican Investments S.A. (regulatory issuer card, asfi.gob.bo)
- Grupo Panamerican — corporate website (grupopanamerican.com)
- Market data: EODHD (no financials available for PIN.BO; key-facts figures derived from primary sources as noted).
This is news, not investment advice.
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