By Alena Mae S. Flores

Manila Electric Co. has reiterated its appeal to the Philippine Stock Exchange to lift the suspension of trading on its 1.1 billion shares, saying the move has caused ?grave, irreparable damage and losses? to the company.

Meralco corporate secretary Emmanuel Sison said in a letter to PSE president Francis Lim that the power distributor did not see ?justification for or fairness? in the suspension of its shares since Dec. 17, 2008.

?The exchange, in its action to suspend the trading of all the 1.1 billion Meralco shares, appears to be favoring one stockholder against 58,926 other stockholders allegedly to protect the interest of the investing public and preserve the integrity, stability and sanctity of stock market transactions,? Meralco said.

It said the shares contested between Josefina Lubrica and the Land Bank of the Philippines amount to just 42 million common shares out of a total 1.1 billion issued by the company as of Nov. 30, 2008.

?And Lubrica or LandBank is only one stockholder against 58,926 other existing shareholders [with combined shareholdings of 1 billion] who have nothing to do with the Lubrica-LandBank dispute but are adversely affected by the indefinite trading suspension,? Meralco said.

It said PSE appeared to be favoring one stockholder over all others? when it has the authority, capacity and machinery to identify and isolate the 42 million shares in dispute.?

Lim last month denied speculations that the PSE was influenced for political reasons in suspending the shares of Meralco.

?We fully recognize that the issue surrounding the MER shares and the consequent suspension of its trading therewith has inconvenienced Meralco shareholders. But we would like to assure everyone that there was nothing political or sinister behind the board decision,? Lim said. ?Our board, acting as a collegial body, adopted in utmost good faith this painful decision solely to protect the investing public and maintain the integrity of our stock market,? Lim said.

The PSE reacted to Meralco?s cancellation of stock certificates of Landbank issued to Lubrica based on an order from the Department of Agrarian Reform.