Rubicon sells Argentinian operations for $8 million

New Zealand biotechnology and timber investor Rubicon Ltd said it has sold its 50 per cent stake in Argentina's Forestadora Tapebicu for $8 million.

It said it had quit as it could not acquire the rest of the company, and would now concentrate on its biotechnology investments and its stake in timber concern Tenon Ltd.

Shares in Rubicon last traded down 1.1 per cent at 92c, after trading in a 85c to 95c range over the past 12 months.

- REUTERS