Serbian President proposes 500 million euro plan for Simpo and Jumko

During a pre-election campaign visit to the Simpo plant in Bujanovac, the President of Serbia stated that if he gains public trust, one of his first priorities would be to spend 500 million euros to resolve the issues facing major companies Simpo and Jumko.

Prior to this visit, the Serbian Government took steps to prevent Simpo from entering bankruptcy by writing off 25 million euros in debts owed to the Tax Administration, the Republic Pension Fund, and local governments. This was achieved by issuing shares, which increased the state's ownership stake in Simpo from 57 percent to nearly 70 percent. Combined with other state entities and banks, the state now holds nearly 94 percent of the company's shares. The move also aimed to clear 45.4 million euros in accumulated losses from the company's balance sheet.