STUART OLSON INC. $9.51 - Toronto symbol SOX

STUART OLSON INC. $9.51 (Toronto symbol SOX; TSINetwork Rating: Speculative) (780-454-3667; www.stuartolson.com; Shares outstanding: 24.9 million; Market cap: $270.0 million; Dividend yield: 5.0%) has agreed to sell its Broda Construction division to TriWest Capital Partners and Broda’s senior management for $39 million in cash.

Broda is a heavy construction firm that specializes in soil excavation, civil construction and concrete production.

The sale will let Stuart Olson streamline its operations and focus on its core businesses, including building construction, electrical contracting and industrial insulation.

The company will use the proceeds to pay down debt. Its total debt of $161.6 million is currently a high 60% of its $270.0-million market cap. That adds risk.

Stuart Olson is still a hold.

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