Wednesday, 28 October 2026
Polish construction company Mostostal Warszawa is seeking shareholder support for a proposed capital increase following a decision by the Polish Financial Supervision Authority (KNF) concerning the price that may be offered for its shares. The regulator has authorised an offer price of no less than PLN 2.75 per share, a development that the company’s management believes could help resolve disagreements surrounding its planned financial restructuring.
The price corresponds to a fair value assessment prepared by advisory firm SWGK at the request of the financial regulator. According to the company’s statement, valuations based on income and asset-based methodologies produced negative results. Similar conclusions were reached in separate assessments conducted by Deloitte and SWGK, indicating that the company’s financial position presents significant challenges when examined using these valuation approaches.
The KNF decision concerns the conditions under which shareholders may be offered an opportunity to sell their holdings. According to the company’s account of the regulator’s reasoning, the proposed minimum price is intended to provide minority investors with an exit option based on the assessed fair value of their shares while allowing the majority shareholder to participate in the planned capital increase.
The management board considers the decision an important step towards securing agreement among shareholders. Previous differences over the proposed transaction had complicated efforts to proceed with additional financing. The company now hopes that the regulator’s position will enable shareholders to reach an agreement and approve the resolutions required to increase its share capital.
The proposed capital increase is intended to address financial difficulties that continue to affect the construction business. Although the company has reported an improvement in its financial results during the recent period, management has cautioned that these developments have not resolved longer-term problems involving liquidity, shareholders’ equity and access to external financing.
These financial constraints are particularly relevant to construction companies, where projects frequently require substantial working capital before payments are received. The ability to finance ongoing contracts, meet obligations to suppliers and subcontractors, and obtain funding for future projects depends partly on the strength of a contractor’s balance sheet. However, the statement does not identify specific projects or contractual commitments that may be affected by the proposed restructuring.
The management board regards the planned equity injection as necessary to improve the company’s financial position over the longer term. Additional capital could help address balance-sheet weaknesses and support continued operations, although the eventual effect will depend on the amount raised, the terms of the transaction and the company’s subsequent financial performance.
The regulator’s decision does not itself complete the capital increase. Shareholder approval and the adoption of the necessary corporate resolutions remain outstanding. The company has not disclosed a confirmed timetable for completing the process or specified the total amount of additional capital expected to be raised.
For Poland’s construction market, the situation illustrates the financial pressures that can affect established contractors despite improvements in reported operating performance. Mostostal Warszawa’s ability to strengthen its financial position will depend on the outcome of the shareholder process and the implementation of its proposed capital measures. Until those steps are completed, the company’s longer-term financing arrangements remain unresolved.
