November 1, 2010 / 1:49 PM / 8 years ago

CORRECTED - CORRECTED-UPDATE 1-SNC-Lavalin sells stake in Trencap for C$118

(Corrects deal value in headline and paragraph 1 to C$118 mln from C$188 mln)

* Sells minority stake in Trencap

* Will result in after-tax gain of about C$27 mln

Nov 1 (Reuters) - Canadian construction and engineering company SNC-Lavalin (SNC.TO) said it sold its 11.1 percent minority stake in Trencap LP to the Caisse de Depot et placement du Quebec for about C$118 million.

The Montreal-based company said it will record a gain of about C$27 million from the sale.

Trencap holds an indirect substantial interest in Gaz Metro, now called Valener Inc (VNR.TO), which is involved in the distribution of natural gas.

SNC-Lavalin said on Thursday it has dropped plans to pursue an additional stake in the Highway 407 toll road near Toronto and take its highway concession division public. [ID:nN28122471]

The company’s shares, which have gained 10 percent in value since reporting second-quarter results in August, were trading up 39 Canadian cents at C$52.49 Monday morning on the Toronto Stock Exchange. (Reporting by Isheeta Sanghi in Bangalore; Editing by Aradhana Aravindan)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below