Phillip Securities Pte Ltd announced on Aug, 12 2026 the launch of an unsponsored Singapore Depository Receipts (SDRs) programme, enabling investors to trade SDRs backed by Thai Non-Voting Depository Receipts (NVDRs) on the Singapore Exchange Securities Trading Limited (SGX-ST).

The initiative allows Phillip Securities to issue SDRs that each represent NVDRs, which in turn correspond to shares of companies listed on the Stock Exchange of Thailand. The SDRs will be registered in the name of The Central Depository (Pte) Limited and quoted exclusively on SGX-ST once regulatory approvals are obtained.

Investors in the new SDRs will receive cash dividends, subscription rights and other distributions—converted into Singapore dollars—after the deduction of fees and taxes. Key charges include an issuance or cancellation fee of up to 5 million Singapore dollars per 1,000 SDRs (minimum 50 million Singapore dollars, maximum 1 billion Singapore dollars), and a corporate action fee of up to 1 percent of gross cash dividends or up to 0.25 percent of gross proceeds from securities sales.

Phillip Securities cautioned that SDRs carry risks such as price volatility, exposure to Thai baht/Singapore dollar exchange-rate movements, illiquidity and the potential loss of the full investment. The SDRs do not grant voting rights over the underlying Thai shares, and trading may be halted if the corresponding NVDRs face suspension on the Thai exchange.