On Aug, 12 2026, Phillip Securities Pte Ltd announced the establishment of an unsponsored Singapore Depository Receipt (SDR) programme that will allow investors to trade receipts representing shares of companies listed on the Indonesia Stock Exchange (IDX).

Under the initiative, SDRs will be issued in reliance on the Securities and Futures (Offers of Investments) (Exemption for Depository Receipts) Regulations 2023. Application for quotation of the SDRs will be submitted to Singapore Exchange Securities Trading Limited (SGX-ST); listing is conditional on SGX-ST’s assessment that the depository, the underlying companies, their shares and the IDX meet prescribed standards.

SDRs will be denominated and traded in Singapore dollars and will clear and settle through The Central Depository (Pte) Limited. Investors will not interact directly with the IDX or overseas brokers when trading these securities on SGX-ST.

Phillip Securities has appointed PT Phillip Sekuritas Indonesia as the initial custodian. Each SDR will represent a specified number of ordinary shares and any related entitlements deposited with the custodian.

The offering document cautions that SDR investors face risks tied to equity market movements, exchange-rate fluctuations between the Indonesia Rupiah and Singapore dollar, limited liquidity and the absence of voting rights.

Fee disclosures include charges of up to SGD5 for every 1,000 SDRs issued or cancelled (subject to minimum and maximum thresholds) and up to 1 percent of gross cash distributions for dividend payments.