17 Dec 2012

IPO still on the cards for Rubicon asset

7:06 am on 17 December 2012

Rubicon says a share float for one of its assets is still on the cards.

The company has a third stake in the forestry biotechnology firm, ArborGen.

While the American housing market has been sluggish in recent years, it is starting to turn around, and Rubicon's portfolio will benefit from the pick-up.

Chairman Stephen Kasnet said it is not the right time to do a float.

"We have a plan to achieve some rapid growth and profitability in the business, that's goal on, once we achieve that we think the markets will then recognise the value that the company has."

Mr Kasnet said the trend for the American housing market appears to positive.

Shares in Rubicon closed down 1 cent to 27 cents on Friday.