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Right Issue

$Sembcorp Marine(S51.SG)$
don't understand what is this right issue???
option 1: to exercise mean we can purchase this share at 0.08 with allocation share correct?
option 2: No action. what does the mean of
"Rights can be sold within trading period if they are renounceable.

Rights will lapse with no value if they are not exercised or sold."
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