Context: How Bolsa de Valores de Asuncion works, and what it makes issuers disclose · Paraguay on the LatAm Power Map
In Paraguay’s construction boom, one family-run company has spent four decades making sure the machines that build the country actually show up — and keep running. PROYEC S.A.E.
sells, rents and fixes the heavy equipment that contractors need, and now raises money from the public through the Asunción stock exchange to fund its growth.
| Full name | PROYEC Sociedad Anónima Emisora (PROYEC S.A.E.) |
| Ticker / exchange | PYC.PY — Bolsa de Valores de Asunción (BVA/BVPASA); bond issuer rated pyBBB- |
| Headquarters | Avda. Madame Lynch Nº 222 casi Avda. Mcal. López, Asunción, Paraguay |
| Sector | Construction-equipment sales, rental & maintenance |
| Employees | Not published: figure absent from BVA bond prospectus and SIV filing page |
| Market value (market cap) | Not published: PROYEC is a bond issuer on the BVA, not an equity issuer; no share price or market capitalisation is disclosed |
| Yearly sales (revenue) | Not published: see note below |
| Net profit | Not published: see note below |
| Net margin | Not published: see note below |
| Return on equity | Not published: see note below |
| Price-to-earnings | Not applicable: no publicly traded equity |
| Dividend yield | Not applicable: no publicly traded equity |
| Paid-in share capital | Gs. 10,000,000,000 (~US$1.65 m at Gs. 6,061.49/US$1; raised by extraordinary shareholders’ meeting, March 2019) |
| Website | www.proyec.com.py |
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What it is
PROYEC S.A.E.C.A. is a Paraguayan company specialised in the sale, rental and repair of construction equipment, and holds the local distribution rights for global brands including AMMANN, GEHL and STANLEY.
With more than 37 years of operating history in construction machinery, the company holds ISO 9001:2015 quality certification — a standard that governs not just the products it sells but the entire service process behind them.
Its registered activity at Paraguay’s securities regulator is the sale and rental of equipment for construction works (venta y alquiler de equipos para obras). In practice that means anything from compaction rollers and skid-steer loaders to spare parts and post-sale maintenance contracts — the full equipment lifecycle.
The company’s stated goal is to be the leader in the Paraguayan market for rental, sale and repair of equipment and machinery for construction and development projects, serving both the private and public sectors.
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Who owns it
PROYEC describes itself as a family-run organisation since 1987, specialising in the sale, rental and repair of construction equipment. The corporate record tells the fuller story: the company was originally founded on 1 June 1984 under a different name, and in July 1998 the founding shareholder Amancio Guillermo Morinigo transferred his capital stake to María Teresa Britos de Cazal — placing the Britos de Cazal family in control, where they have remained ever since.
A 2014 extraordinary shareholders’ meeting raised the paid-in capital to Gs. 5,000,000,000, and a further meeting in 2019 doubled it again to Gs.
10,000,000,000. The precise percentage held by each family member and the free float of any bond holdings are not published in the sources reviewed.
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Who runs it
Paraguay’s securities regulator (SIV/BCP) lists Laura Cortazar and Lic. Rodrigo Sebastián Cazal Britos as the named contacts for the company’s capital-markets registration.
The Cazal Britos surname signals a second generation of the controlling family at the operational level. No separate CEO or CFO title is disclosed in the bond prospectus or SIV filings reviewed.
Not published: the names and titles of the formal board of directors (Directorio), the chief executive, and the chief financial officer are not individually disclosed in the BVA bond prospectuses or the SIV entity page. Paraguay’s Ley 5810/17 (the Securities Market Law) requires listed issuers to file annual audited financial statements and material-fact disclosures with the CNV, but board composition by named role is not mandated to appear in the public bond-issuance documents reviewed.
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The money, in plain words
Not published: PROYEC’s annual revenue, net profit, total assets and related ratios — the net profit margin (how many cents it keeps from each guaraní of sales), return on equity (how hard owners’ capital is working), and net cash position — are not reproduced in the bond prospectus documents held on the BVA website, nor did the SIV entity page (siv.bcp.gov.py) render accessible financial-statement data in the searches conducted. Under Ley 5810/17 and CNV regulations, bond issuers in Paraguay must file audited annual accounts with the Comisión Nacional de Valores; those filings exist in the CNV system but are not presented in machine-readable form on the public-facing SIV page or the BVA issuer page as currently structured.
What is publicly confirmed: the paid-in share capital stands at Gs. 10,000,000,000 (~US$1.65 m at the current rate of Gs.
6,061.49 per US dollar — our calculation), giving a rough sense of the company’s scale as a mid-size private enterprise by Paraguayan standards. The company raises debt on the exchange through its “G3” bond programme, with a total ceiling of Gs.
10,000,000,000 (about US$1.65 m), issued as unsecured bonds in tranches.
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What it is doing now
PROYEC’s most recent capital-markets move was the registration of its G3 bond programme — ceiling Gs. 10 billion — with the CNV in August 2023, followed by the issuance of Series 2, worth Gs.
2,000,000,000 (about US$330,000 at current rates). Series 2 carries a fixed annual interest rate of 12.75% and matures on 18 August 2027 — a four-year instrument that prices in Paraguay’s double-digit borrowing costs while locking in medium-term funding for the business.
The bond prospectus states that proceeds are earmarked for working capital — buying and importing stock, paying suppliers — and up to 80% may go toward long-term asset purchases, with an explicit restriction against lending the money to related companies.
The BVA itself is undergoing a significant modernisation: in January 2026 it adopted Nasdaq trading technology and formally separated its trading, clearing and settlement functions — a structural upgrade that raises transparency standards for all issuers, including PROYEC.
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What to watch
- Financial disclosure. As the BVA adopts Nasdaq-standard infrastructure, investor pressure for machine-readable audited accounts from bond issuers like PROYEC is likely to increase. Investors should monitor whether the CNV moves to mandate online publication of P&L statements.
- Construction cycle. The reactivation of road and large infrastructure projects in Paraguay is driving renewed momentum in the construction sector — PROYEC’s core market. A slowdown in public works spending would hit both rental revenue and machinery sales simultaneously.
- Debt cost. Series 2 bonds pay 12.75% per year in guaraníes. If Paraguay’s interest rates fall, PROYEC could refinance more cheaply; if they rise, rolling over the G3 programme at maturity (August 2027) becomes costlier.
- Family succession. With the Britos de Cazal family in control since 1998 and a second generation now visible in regulatory filings, the governance transition — common to all family-owned listed companies — is worth tracking as the company grows its public market presence.
- Brand concentration. PROYEC distributes brands including AMMANN, GEHL and STANLEY. Any shift in those exclusive-distributor relationships would directly alter the company’s competitive position.
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Sources
- Bolsa de Valores de Asunción — PROYEC S.A.E. bond prospectus (G3, Serie 2, September 2023): bolsadevalores.com.py — Proyec-SAE-Serie-2-PEG-G2-2023.pdf
- Bolsa de Valores de Asunción — PROYEC S.A.E. issuer page: bolsadevalores.com.py/emisores/proyec-s-a/
- Bolsa de Valores de Asunción — nuevas emisiones, PROYEC S.A.E.: bolsadevalores.com.py/nuevas-emisiones/proyec-s-a-e/
- Superintendencia de Valores (SIV) — Banco Central del Paraguay, PROYEC S.A. entity page: siv.bcp.gov.py/?page_id=759
- PROYEC S.A.E. — corporate website, “About Us”: proyec.com.py/en/nosotros
- Paraguay national government supplier registry — PROYEC S.A.E.: contrataciones.gov.py/proveedor/proyec-sa.html
- EMIS company profile — Proyec S.A. (business description and activity classification): emis.com — Proyec S.A. Paraguay
- 5Días “Quién es Quién” business directory — PROYEC S.A.E.: 5dias.com.py/quien-es-quien/empresas/proyec-sae-1415
- Market data: EODHD.
This is news, not investment advice.
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