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MANILA, Philippines -- Electricity distributor Manila Electric Co. (Meralco) has requested the Philippine Stock Exchange to lift immediately its order suspending the trading of Meralco shares since Dec, 17, 2008.

In a regulatory filing, Meralco corporate secretary Emmanuel Sison said the Meralco shares under dispute represented only 42 million shares and involved one stockholder.

Sison said all other 58,926 Meralco shareholders holding more than 1.1 billion shares were "suffering" because of the suspension.

"The Exchange, in its action to suspend the trading of all the 1.1 billion Meralco shares, appears to be favoring one stockholder over all the other stockholders when it has the authority, capacity and machinery to identify and isolate the 42 million shares in dispute,'' he said.

"The trading suspension has caused grave, irreparable and material losses to Meralco, its innocent stockholders and the investing public. Based on the foregoing, we therefore reiterate our urgent and earnest request for the Exchange to immediately lift the trading suspension of Meralco shares,'' he added.

The 42 million shares are embroiled in a land dispute under the Comprehensive Agrarian Reform Program. In a ruling on Dec. 17, 2008, the Department of Agrarian Reform Office of the Regional Adjudicator Region 4 ordered Meralco to restore to Land Bank of the Philippines the ownership of 42 million shares it earlier issued to another person in connection with the land dispute.

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