SINGAPORE (June 27): Frasers Commercial Trust (FCOT) has turned down an invitation from sponsor Frasers Property Limited (FPL) to acquire a stake in Frasers Tower under a right of first refusal (ROFR) agreement.

The ROFR offer was made after FPL gave notice it was selling half of its 100% stake in Frasers Tower to a long-term strategic investor via the issue of new Aquamarine Star Trust (AST) units.

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