SNCAF - SNC-Lavalin surges after selling oil and gas unit

SNC-Lavalin ([[SNCAF]] +9.1%) shoots higher after agreeing to sell its underperforming oil and gas business to Kentech Corporate Holdings for an undisclosed sum, as it moves to further focus its engineering services business.SNC says the unit will be classified as an "asset held for sale" in its Q4 results and is expected to result in a fair value writedown of C$260M-C$295M.SNC also says it completed a review of its legacy litigation and commercial claims and will increase its provisions by C$140M and lower its commercial claims receivable by C$155M.The company also will take another C$90M charge following a review of its remaining three Canadian light rail infrastructure projects.

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SNC-Lavalin surges after selling oil and gas unit