

Monadelphous has sold its stake in fellow engineering, construction and contracting company Norfolk Group for $24.4 million, reaping a tidy profit in the process.
Perth-based Monadelphous said in a statement the sale of the 13.98 per cent stake, which would be be realised in its financial results for this financial year, would translate to a one-off, pre-tax profit of $16.2 million.
Norfolk's share price has almost quadrupled from below 30 cents when Monadelphous bought the stake in February 2009 - post global financial crisis - to $1.15 today.
Monadelphous said in a statement that it had bought the Norfolk stake as part of a diversification strategy to broaden exposure to non-resources markets.
As Monadelphous had since diversified its services to the infrastructure market, ownership in Norfolk was no longer considered strategic, it said.
"We have taken the opportunity to realise the strong return from our investment which will support the ongoing growth of our business, including the continued development of our infrastructure strategy," Monadelphous managing director Rob Velletri said.
Monadelphous shares closed up 33 cents, or 1.48 per cent, at $22.57.