By Jenniffer B. Austria

MANILA Electric Co. lost power yesterday, dropping sharply to P94 a share from a peak of P126 after the period for accumulating shares to gain control of the company ahead of its stockholders? meeting ended Friday.

At the same time, the Beneficial Trust Fund of the Philippine Long Distance Telephone Co. and New Gallant announced they had acquired more than 113.3 million Meralco shares, equivalent to 10 percent of the company. That should entitle the group to nominate one director during the power distributor?s annual stockholders? meeting on May 26.

Based on a report filed with the Philippine Stock Exchange, the shares were acquired from Feb. 3 to March 6 at prices ranging from P72.5 to P123.9 a share.

Beneficial Trust Fund is the retirement fund of PLDT employees. New Gallant is a holding company whose outstanding shares are owned by Beneficial Trust Fund.

Jomar Lacson, research head of Campos Lanuza & Co., said the record date for shareholders to vote on their shares for the stockholders? meeting had ended, so interest in the stock had waned.

??Even if they [interested parties in Meralco] buy more Meralco shares, they would not be able to use those shares during the stockholders? meeting in May,? Lacson said.

Meralco had been the darling of the market for the past weeks, gaining 111.6 percent since its shares resumed trading on Jan. 19 on speculation a battle for control of the utility loomed between the Lopez group and San Miguel Corp.

First Pacific Co. of Hong Kong is also rumored to be buying shares in the market to support the Lopez family?s bid to retain control of Meralco.

The Lopez family, through First Philippine Holdings, owns 33.4 percent of Meralco while San Miguel holds 37 percent including the 10 percent acquired by Global 5000 Holdings, which is affiliated with the food-and- beverage giant.

Analysts said the recent run-up in Meralco shares had made the stock expensive even to large investors.

?Basically, Meralco suddenly lost power. The sell-off dragged the market,? said Astro del Castillo, managing director of First Grade Holdings.

Meralco lost 25 percent of its value to close at P94 a share from Friday?s P126.

But three listed Lopez-owned firms were among the top 10 gainers yesterday.

Energy Development Corp. closed 12.9 percent higher at P2.80 from P2.48 on Friday, while First Gen ended at P18, up 10.7 percent from P16.25.

Benpres Holdings Corp. closed 5 percent higher at P1.24 from P1.18.

Sources said EDC?s share price had been going up on speculation San Miguel and First Pacific were also buying into the company.

San Miguel had earlier participated in the bidding for the government?s 60-percent stake in PNOC-Energy Development Corp., which was won by the Lopezes.