Phillip Securities Pte Ltd has set up an unsponsored Singapore Depository Receipts (SDR) programme dated Aug, 12 2026 to issue SDRs that will represent non-voting depository receipts (NVDRs) of companies listed on the Stock Exchange of Thailand. The firm plans to apply to list these SDRs on Singapore Exchange Securities Trading Limited (SGX-ST), with approval contingent on SGX-ST’s assessment of the Depository, the underlying companies, the NVDRs and the Thai bourse.

Under the deed poll signed on May, 22 2023, each SDR will evidence NVDRs held by Phillip Securities’ appointed custodian, Phillip Securities (Thailand) Public Co. Ltd. The Central Depository (Pte) Limited will act as the registered holder of the SDRs, while investors will hold beneficial interests through CDP accounts or intermediaries.

Investors in the SDRs will receive cash dividends or other distributions in Singapore dollars after applicable fees, expenses and taxes. They will not have voting rights on the underlying shares, and the SDRs will trade solely on SGX-ST in Singapore dollars. Key fees include up to S$5 per 1,000 SDRs for issuance or cancellation, up to 1% on cash dividends, and up to 0.25% on sale proceeds of securities received via corporate actions.

Phillip Securities cautioned that SDR investments carry risks, including potential volatility, liquidity constraints, currency fluctuations between the Thai baht and Singapore dollar, and the absence of voting rights. Termination of the SDRs may occur if the NVDRs are delisted in Thailand, the depository resigns, or SGX-ST orders removal of quotation.