As part of its continuing drive to clean-up its Balance Sheet and strengthen its
financial position, PBCom completed last October, 2004, the sale of P12.2 billion
worth of non-performing assets (NPAs) to special purpose vehicle,
Unimark Investments Corp.
Side-by-side with the sale, the Bank?s three major shareholders put in an additional
P3 billion in fresh capital during the 1st quarter of 2004 to bring PBCom?s capital
base to P9 billion. Documentation of the new preferred shares is ongoing.
The two strategic moves were the final steps that PBCom took to ensure sustained
growth and profitability moving forward.