In addition, in years 2015 and 2017 the Company implemented the issue of a series of interest bearing convertible corporate bonds raising capital from various investors for refinancing of existing loans and replenishing the working capital as required for its operating activities. In 2019 ELCY was also successful in listing all of the bonds, following the strict regulations and guidelines of the Cyprus Stock Exchange. ELCY bonds were traded under ISIN CY0148711019 and ISIN CY0148702216.

In 2020, ELCY went through further expansive restructuring. The Company became a part of the Group and a direct subsidiary of Vonpende Holdings P.L.C. (“Vonpende”), a Cypriot holding company, the shares of which are listed and traded at the Cyprus Stock Exchange since year 2016 under ISIN CY0107170710. Vonpende Group included more than 30 companies located in various countries of Western and Eastern Europe, USA and Asia.

In April 2023, ELCY share capital has been further gradually increased, enhancing even more ELCY’s role as a major financer of the projects under engagement and encouraging further diversification of investments and financial activities.

In September 2023, ELCY proceeded with an early full redemption of its bonds with ISIN CY0148702216. Currently the following bonds with ISIN CY0148711019 are traded on the Cyprus Stock Exchange.

ELCY continues to maintain its investments in securities and private equity directly and/or indirectly through brokers and high-caliber international financial institutions for the purposes of asset and risk diversification and maximization of returns. The management of ELCY is gradually restructuring of its portfolio to optimize performance, reducing the volume of loans in more volatile currencies and with the borrowers operating in volatile regions.

At the same time ELCY continues financing several real estate development projects in Costa Blanca, sea side area of Alicante region in Spain. The construction of 27 villas in Benidorm is in progress, completion is expected in the beginning of 2025. Another two projects in Altea are at the stage of architectural planning.

ELCY also plans to continue optimization of its investment portfolio and is considering new opportunities in the sphere of financing of businesses and projects, mostly in the European Union. The commitment of ELCY lies in its corporate growth to increase its profits and returns for its shareholder.

Vonpende, the shareholder of ELCY, following the delisting of its shares from the CSE’s Emerging Companies Market, effective as from 21 December 2023, has converted from a public company to a private company, and has changed its name from Vonpende Holdings P.L.C. to Vonpende Holdings Limited as from 19th of January 2024.