Context: How Bolsa de Valores de Asuncion works, and what it makes issuers disclose · Paraguay on the LatAm Power Map
In San Lorenzo, Paraguay’s busy satellite city just east of Asunción, a single family built the area’s dominant shopping mall and quietly listed it on the stock exchange. Rosanti S.A.E.C.A.
is a one-asset story — and the asset keeps throwing off cash.
| Full name | Rosanti Sociedad Anónima Emisora de Capital Abierto (ROSANTI S.A.E.C.A.) |
| Ticker / exchange | SAECA-092 / Bolsa de Valores y Productos de Asunción (BVPASA); bonds also listed on BVPASA |
| Headquarters | Ruta Mcal. Estigarribia Nº 4041, Km 15, San Lorenzo, Central Department, Paraguay |
| Sector | Real estate — construction and operation of shopping centres |
| Employees | ~40 direct staff; ~37 contracted (as reported by company, c.2023) |
| Market value | Not published: no live share-price data is available on the BVPASA trading platform or the BCP Superintendencia de Valores filings reviewed; the company’s registered paid-in capital is Gs. 60,000,000,000 (~$9.9M USD at current FX) |
| Yearly sales (revenue) | Gs. 12,261,818,702 (~$2.02M USD) — FY 1 Jan to 30 Jun 2024 (14th fiscal year) |
| Net profit | Gs. 5,361,262,752 (~$884,500 USD) — same period |
| Net margin | 43.7% (our calculation) — keeps nearly 44 cents of profit from every guaraní of rental income |
| Return on equity (annualised) | ~9.0% (our calculation — 4.5% on 6-month result; ×2 to annualise), on equity of Gs. 118.7 billion (~$19.6M USD) |
| Price-to-earnings ratio | Not published: no public share price is available in sources reviewed |
| Dividend yield | Not published: share price unavailable; dividends paid in the period totalled Gs. 8,614,659,636 (~$1.42M USD), equal to the prior full-year net profit — a full pay-out to owners |
| Website | www.sls.com.py |
What it is
Rosanti S.A.E.C.A. owns and operates the San Lorenzo Shopping, which it describes as the leading shopping centre of Greater Asunción.
The mall covers a total area of 59,000 m² and houses a food court, clothing and footwear stores, banks, telecoms outlets, cooperatives, restaurants, cafés, cinemas, and entertainment for all ages.
It counts more than 90 recognised brands among its tenants. Revenue is almost entirely rental income from those tenants; because the company owns the building rather than selling goods, its cost of sales is reported as zero and every guaraní of rent flows straight to gross profit.
Who owns it
Rosanti S.A.E.C.A. belongs to the Kemper family; Luis Kemper is identified as its principal shareholder and owner.
The company was incorporated on 13 January 2011 and opened the shopping centre on 10 May 2012.
Not published: the precise percentage breakdown of shares held by individual family members or by any public float is not disclosed in the audited financial statements (FY June 2024, filed on sls.com.py), in the BCP Superintendencia de Valores emisores register reviewed, or in the BVPASA filings accessed. Paraguay’s Ley Nº 1284/98 (Mercado de Valores) and CNV Resolution 18E/12 require periodic reporting but do not mandate a public shareholding table equivalent to those required in larger markets; the company’s share register is held privately.
Who runs it
Bienvenido Méndez holds the title of General Manager (Gerente General) and acts as the company’s legal representative (Apoderado). Andrés Kemper serves as Director — the family’s representative on the board — and also carries the title of Vice-President of San Lorenzo Shopping.
The audited accounts are signed by Mg. Elvira N.
Ruffinelli D. of Baker Tilly Paraguay (Registration CCP Nº 757), acting as auditor/accountant.
Not published: the names of a separate CFO or board chair are not disclosed in the financial statements or in the BCP emisores filings reviewed; at this scale of company, the roles of CFO and general manager are typically combined in Paraguay.
The money, in plain words
In the six months ended 30 June 2024, Rosanti collected Gs. 12.26 billion (~$2.02M USD) in tenant rents and fees — up about 4.1% from the same period a year earlier (our calculation).
After paying staff, maintenance, shared costs and other operating charges, it kept Gs. 5.36 billion (~$885K USD) as net profit — a net profit margin of 43.7% (our calculation), extraordinarily high because the company owns the building outright and carries zero financial debt on its books as at the reporting date.
The balance sheet is reassuring: total assets of Gs. 124.3 billion (~$20.5M USD) are funded almost entirely by shareholders’ equity of Gs.
118.7 billion (~$19.6M USD), leaving total liabilities of only Gs. 5.6 billion (~$924K USD).
Net cash — cash on hand minus financial borrowings — stands at approximately Gs. 4.9 billion (~$808K USD) (our calculation).
The owners took out the entire prior-year profit as dividends — Gs. 8.6 billion (~$1.42M USD) — in the current period, a full pay-out that signals confidence in ongoing cash generation.
What it is doing now
On 31 October 2024 Rosanti placed the first series of bonds under its Global Bond Programme USD 2 on the Bolsa de Valores y Productos de Asunción. The programme raised US$1.8 million, adding a modest layer of long-term financing while keeping leverage very low.
Director Andrés Kemper has announced the “Acceso Sur” project — a new commercial space in Villa Elisa, targeted for completion by end-2026, featuring sports retailers and restaurants. He has also disclosed a wider renovation of the existing mall, including a food-court overhaul, infrastructure upgrades, and a master plan covering 41,000 m² of recently acquired land.
What to watch
- Expansion delivery: The Acceso Sur project and the 41,000 m² master plan are the company’s main growth bets; delays or cost overruns on either would be the first signal of trouble.
- Tenant mix and occupancy: With over 90 brands in a single building, losing anchor tenants to newer Asunción-area malls would hit rental income fast — the 4.1% revenue growth, while positive, is modest and bears watching.
- Debt discipline: The new bond programme is small today; investors should track whether successive series grow the debt load materially against a balance sheet that has been, until now, essentially debt-free.
- Disclosure quality: The fiscal year runs January–June, not the calendar year; the income-tax line in the published accounts is reported as zero, which warrants scrutiny given Paraguay’s standard corporate income-tax rate of 10% on distributed profits.
- Liquidity: As a closely-held listed company, shares rarely trade publicly, making entry and exit difficult for outside investors.
Sources
- Rosanti S.A.E.C.A. — Audited Financial Statements (Estados Contables) for the period 1 January – 30 June 2024, filed on sls.com.py (San Lorenzo Shopping corporate portal), accessed July 2025.
- Revista Plus — “San Lorenzo Shopping emite bonos por US$ 1,8 millones en la bolsa de Asunción,” 4 November 2024.
- Infonegocios.com.py — “El Equipo del San Lorenzo Shopping” (management and company profile).
- Infonegocios.com.py — “Itaú llega a San Lorenzo Shopping,” including Acceso Sur and masterplan announcement by Andrés Kemper.
- Última Hora — “San Lorenzo Shopping se inaugura el 7 de diciembre” — confirming Kemper family ownership.
- Market data: EODHD.
This is news, not investment advice.
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