December 13, 2018 / 1:56 PM / 5 months ago

AltaGas cuts dividend, to sell stake in British Columbia hydroprojects

(Reuters) - Canadian utility AltaGas Ltd (ALA.TO) on Thursday cut its annual dividend and said it would sell its indirect stake in hydroelectric projects in Northwest British Columbia for about C$1.39 billion ($1.04 billion).

The company’s plan to sell the 55 percent stake follows the 35 percent stake sale in the facilities for C$922 million in June to fund its acquisition of U.S.-based WGL Holdings Inc.

AltaGas, which cut its annual divided by 56 percent to 96 Canadian cents per common share, said it expects EBITDA to be in the range of C$1.2 billion-C$1.3 billion in 2019.

Reporting by Debroop Roy in Bengaluru; Editing by Arun Koyyur

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