An emotional farewell to the stock market. Several companies will disappear from the WSE.

Since the beginning of 2025, six companies have been delisted from the main market of the Warsaw Stock Exchange (GPW). This number will increase in the near future. Labo Print shares will be delisted on July 15th following the company's takeover by a group of shareholders. Baltic Bridge will be delisted on July 18th. In June, Serinus Energy filed an application to delist its shares from the GPW. Rafako is also in line to do so.

Farewell to Rafako

The delistings of Serinus and Rafako have generated the most controversy. This year's announcements by politicians regarding the rescue of Rafako were ambiguous (Prime Minister Donald Tusk announced that the government would provide PLN 700 million to rescue Rafako and Rafamet), and some investors concluded that support would be provided directly to the company. Individual investors continue to have doubts about Rafako's stock market fate.

Meanwhile, the situation is clear: Rafako shares will be delisted in a few days. We asked the Warsaw Stock Exchange (GPW) whether this will happen on July 21, 2025, six months after the decision declaring the company bankrupt becomes final. "Yes, the provisions of the act are clear in this regard," confirms the GPW press office.

Currently, a Rafako share costs around PLN 0.20 (in the spring, the price exceeded PLN 1). If holders don't sell their shares in the coming days, they will be left with shares of a private company after the delisting, which translates into lower liquidity.

Ultimately, Rafako will "transform" into RFK. Currently, RFK Sp. z o.o. is controlled by three shareholders: ARP (1/3 of the shares), Polimex Mostostal (1/3), and TF Silesia (1/3). The company operates in the Racibórz region, primarily in the railway and defense industries. We asked ARP about the stage of planned changes resulting from the agreement regarding the lease of Rafako assets and the timeline. "The planned changes are already underway," says Katarzyna Frendl, spokesperson for ARP. She outlines key milestones.

The first step is to complete the formal and legal process. The Industrial Development Agency (ARP) sold two-thirds of its shares in ARP Doradztwo to its partners: Polimex Mostostal and the Silesia Financial Society (one-third each).

"Then, after increasing its capital by PLN 27 million and changing its name to RFK Sp. z o. o., the company obtained approval for the merger and can take over Rafako's key assets, creating new opportunities for local businesses," says an ARP spokeswoman.

The next step is the lease of Rafako's assets: RFK will take over the bankrupt company's assets, allowing it to continue its operations in the rail and defense sectors. "The next steps will depend on the finalization of legal processes related to the lease and the implementation of RFK's business plan, including securing key contracts and investments," summarizes Katarzyna Frendl.

The Case of Serinus

Serinus Energy, in turn, filed a delisting application with the Polish Financial Supervision Authority (KNF) in connection with the acquisition of 100% of its shares by Xtellus Capital Partners. Serinus shares were delisted from the AIM market on May 20th. The previously conducted buyout was conducted at a price significantly lower than the price on the Warsaw Stock Exchange at the time. A significant number of Polish investors feel aggrieved. However, from a regulatory perspective, the transaction was conducted in accordance with the law governing the company.

On March 24, the boards of Xtellus and Serinus announced that they had reached agreement on terms for the acquisition by Xtellus of the entire issued or future share capital of Serinus at a price of 3.4 pence per share. The transaction is being effected under a scheme of arrangement approved by the Court under Section 125 of the Jersey Companies Law 1991.

This is another case demonstrating the increased risk of investing in companies registered abroad. The cancellation of CECD shares as part of a bankruptcy proceeding conducted under controversial Delaware law in the US has received widespread attention.