Rubino sells down $15m stake in Monadelphous

The chairman of Applecross-based engineering services giant Monadelphous Group Ltd, John Rubino, has sold a quarter of his holding in the company for $15 million.

The sale, made yesterday and reported today, came on the same day as the company announced $140 million in the new contracts.

Mr Rubino's holding sits at just over 3 million shares valued at more than $45 million.

The company's market capitalisation is more than $1.28 billion. Shares in the company climbed 3.4 per cent today to reach $15.47 each.

In February last year, Mr Rubino pocketed $22.8 million from the sale of 4 million shares at $5.70 each.

Last week Monadelphous Group Ltd announced the appointment of Chris Michelmore to its board as a non-executive director effective.

Mr Michelmore recently retired from Connell Wagner where he had a long and successful career spanning over 35 years. At the time of retirement he was a Director of Connell Wagner and Managing Director of the Central West Region responsible for many major construction projects throughout Australia, South East Asia and the Middle East.