The Rafako course gave almost all reinforcing euphoria. Map explains the condition of the game
It seems that more and more investors are aware of how formally announced by the prime minister's help for Rafako should look. In response to Bankier.pl, the map described the current state of the game around the company and the idea of producing weapons in its plants, which conquered the quotations of the bankrupt company on the stock exchange.
The Rafako course from April 15 to 29, i.e. within 9 sessions (during this time, 2 days fell without session due to Easter) went up from PLN 0.4190 to PLN 2.055, i.e. by over 390 percent. Currently, the share is paid about PLN 0.62, i.e. nearly 70 percent. less than at the end of April. We would like to remind you that the gigantic euphoria on the company's shares, towards which the court in December last year declared bankruptcy, caused the declaration of Prime Minister Tusk about help for Rafako and the launch of arms production.
Heating the Rafako course had its solstice on April 29, when Prime Minister Donald Tusk again announced that his government would donate PLN 700 million to save Rafako and the Rafamet industry controlled by the Development Agency, also recorded on the GPW. Rafako in bankruptcy is currently managed by the bankruptcy trustee Wojciech Zymk (he signed the last financial report, among others), and the company's largest shareholder is directly the private entity Multaros Trading Company Ltd together with PBG SA in restructuring in liquidation.
From the end of April, the Rafako course drops lower and lower, giving almost all the growth that caused the prime minister's messages. There are several explanations for the decrease in interest in trade in Rafako shares. We will talk about the most obvious in a moment, but the calculation should start with the fact that the company's time on the WSE is coming to an end.
The December decision of the District Court in Gliwice on the declaration of bankruptcy became final on January 21, 2025. According to the announcement, the date of 6 months runs from the January date, followed by Rafako shares from the market on the WSE. This is also reminded of the company's report for the first quarter.
Secondly, the same report reminded that Rafako is a indebted company with negative own capital (PLN -1.358 billion). The group's obligations exceed PLN 1.549 billion. The report itself says directly that the financial statement was prepared in the absence of the group's continuation.
It is difficult to continue business since there is no employees in Rafako. The trustee implemented the procedure of group layoffs (which was to include a maximum of 699 people, and the employment status at the end of 2024 was 670 people) and a significant part of employment contracts with Rafako employees were terminated, as reported by the report. There is not even anyone to implement the contract for the performance of drawing documentation and pressure elements for the boiler.
How can you believe in such a situation that Rafako in bankruptcy will still come out straight? The arguments for this flowed directly from the government camp and perhaps not very precise statements related to the form and method of help. While the communications of the Industrial Development Agency reported the plan to save jobs, which Rafako for years ensured and its production potential, the statements of the prime minister and the minister of state assets of Jakub Jaworowski have already left the space for speculation, which, moreover, trading in Rafako campaigns has been standing for several years.
There was already about the words of the prime minister, while Minister Jaworowski in mid -May, among others In an interview with Interia on the occasion of the Poznań conference, Impact said that Rafako “had a chance to join the defense sector in today's supply chain”, although he reserved not to combine what the government does to help state companies, which Rafako is not.
In turn, for Money.pl, he said that although it was “a private entity (Rafako, editor's note), which fell into trouble, due to its weight, we decided to give some support” and continue “we talk to produce parts for the railway industry there, and soon we would like to develop reinforcing production there.”
These statements appeared a day after in Bankier.pl this difference in the aid of state -owned companies, e.g. Rafamet, also listed on the WSE, and Rafako I presented in the article “RR Brigade of Donald Tusk. “Money from the ARP is to go to launch a new arms production at the new company RFK sp. Z oo based on the leased property of Rafako” – I reminded on the basis of issued statements.
Shortly afterwards, the Office of Competition and Consumer Protection informed on his BIP about the ongoing concentration process consisting in the acquisition of some of the RFK sp. Z or the headquarters of Rafako SA's property in Warsaw, based in Racibórz. In the description of the application we read that RFK sp. Z oo. As a targeted company, currently he does not conduct business activity, but in the future it plans, based on purchased property, to start operations in the railway and armaments sectors.
So how does this relate to the minister's words that Rafako “has a chance to join today's supply chain for the defense sector”? So I asked in the ministry of state assets about commentary on the cited interviews and directly whether the statement of “support for Rafako” refers to the entity Rafako SA and about who will be the main beneficiary of the announced amount of support and which entity will be included in the supply chain for the defense sector. I asked if such help would be notified by the European Commission, as in the case of PLN 100 million transferred to the company a few years ago by the ARP to the rescue.
Below I present in full the answer of the Communication Department of the Ministry of State Asset, which on the one hand summarizes what is already in the case of the so -called “Rescue Rafako” has been announced, but at the same time it probably leaves no illusions that formally RFK sp. Z oo will be included in the start of the new production comparison for railways and the arms industry.
Map about the situation of Rafako
The Ministry of State Asset has been conducting intensive activities for months to stabilize the situation of Rafako SA, which was bankrupt in December 2024. MAP activities focus on protecting jobs, protecting contracts and maintaining the continuity of the company's company's activities, whose problems have a significant impact on the energy sector and the local community.
As a result of extensive consultations with stakeholders, in April 2025 an investment agreement was concluded between ARP, TFS Silesia and Polimex Mostostal, which aims to take over key assets and Rafako competences as part of a joint investment project. Based on the new business model, it is assumed to enter strategic sectors of the economy, such as energy and defense industry. On April 25, 2025, UOKiK agreed to create a joint entrepreneur. As a result, on April 30, 2025, ARP sold 2/3 shares in its subsidiary ARP Doradztwo Sp. z o. o. Partners – Polimex and TF Silesia (each 1/3 of each share). After increasing the capital and changing its name to RFK Sp. z o. o., the company began activities aimed at taking over key assets and competences of Rafako.
After obtaining the required consents, RFK will take over these assets, opening new development opportunities for the region and local enterprises, and supporting the reconstruction of national industrial potential.
Capital involvement of stakeholders at RFK Sp. z o. o. requires assessment in terms of compliance with the regulations of European competition law.
The condition of the game for now is that in the second half of July Rafako shares disappear from the WSE, so only the private market will be shareholders to trade in addition with dematerialized shares. Production for the energy, railway and defense industry is to be carried out by the RFK company based on the acquired key assets and Rafako competences, for which remuneration can be expected. In the face of huge debt, the influence in this respect will be like a pebble thrown into the sea.
The whole idea for returning to production in plants once belonging to Rafako still requires examining compliance with the regulations of European competition law, which is now checked by UOKiK. The bankruptcy of one of the longest -listed companies on the WSE is a fact that confirmed the court's decision in December last year. The spring of this year only brought a temporary revival on the values of the bankrupt company, but seen many times in the past on the Polish stock exchange, even in the case of Ursus. Anyway, the history of Rafako, as in the lens, focuses the fate of many WSE companies, unfortunately those that are no longer there.
