Phillip Securities Pte Ltd announced the establishment of an unsponsored Singapore Depository Receipts (SDR) Programme on Aug, 12 2026. The initiative allows the firm to issue SDRs on the Singapore Exchange Securities Trading Limited (SGX-ST), with each SDR representing Non-Voting Depository Receipts (NVDRs) issued by Thai NVDR Company Limited and, in turn, shares of companies listed on the Stock Exchange of Thailand.

The Depository will issue SDRs under a deed poll signed on May, 22 2023, and The Central Depository (Pte) Limited will act as the registered holder of the Master SDR. Phillip Securities (Thailand) Public Co. Ltd. has been appointed as the initial custodian.

Phillip Securities plans to seek SGX-ST approval for quotation of the SDRs. Trading will be conducted solely on SGX-ST in Singapore dollars, with clearing and settlement through The Central Depository (Pte) Limited. Investors will not interact directly with the Stock Exchange of Thailand or overseas brokers.

Key investor considerations highlighted include pricing and liquidity risks, foreign exchange exposure to Thai baht fluctuations, and the absence of voting rights for SDR holders. The document also outlines fees for issuance, cancellation, and corporate actions, and specifies that the programme relies on exemptions from Singapore’s prospectus registration requirements under the Securities and Futures (Offer of Investments) (Exemption for Depository Receipts) Regulations 2023.

The SDRs may be terminated if NVDRs cease trading on the Stock Exchange of Thailand, if Phillip Securities resigns as depository, or upon SGX-ST directive. Investors are urged to review the full offering memorandum and assess their risk tolerance before participating.