AltaGas cuts dividends, sells stake in B.C. hydroelectric projects

AltaGas Ltd  has cut its annual dividend and said it would sell its indirect stake in hydroelectric projects in Northwest British Columbia for about $1.39 billion.

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

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

(Reuters)