SNC-LAVALIN GROUP INC. $41 - Toronto symbol SNC

SNC-LAVALIN GROUP INC. $41 (Toronto symbol SNC; Aggressive Growth Portfolio, Manufacturing & Industry sector; Shares outstanding: 151.6 million; Market cap: $6.2 billion; Price-to-sales ratio: 0.8; Dividend yield: 2.2%; TSINetwork Rating: Average; www.snclavalin.com) is selling 66% of its stake in the Astoria II gas-fired electrical power plant near New York City.

The company did not say how much it would receive for this interest. However, it paid $70 million U.S. for a 20% stake in this facility in 2009.

The sale is part of SNC’s plan to sell some of its less important investments in concessions, which are rights that governments grant to run public facilities. The company will use the cash from these sales to focus on engineering projects in areas with greater potential, including mining, oil and gas, and water treatment projects.

SNC-Lavalin is a buy.

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