Total to offer foreign-listed shares to workers

French oil giant Total S.A. will issue a total of 2,250 common shares to eligible employees in line with its employees shareholding plan, according to documents filed with the Securities and Exchange Commission (SEC).

The shares, valued at 374,850 euros are listed at the stock exchanges of New York and Paris.

The proposed issuance is limited to the eligible employees of its Philippine affiliates, Total (Phils.) Corp. and Superkalan Gaz Corp.

The SEC has exempted the proposed issue from the registration requirements.

Based on SEC records, Total had offered a total of 3,700 common shares with a maximum aggregate price of 399,230 euros pursuant to the employee share issue in 2003. To date, a total of 1,270 shares have been issued.

Total is the fourth largest publicly-traded integrated oil and gas company in the world with operations in more than 130 countries.

It engages in all aspects of the petroleum industry including upstream operations (oil and gas exploration, development and production, LNG), downstream operations (refining, marketing, trading and shipping of crude oil and petroleum products).