Phillip Securities Pte Ltd announced the establishment of an unsponsored Singapore Depository Receipts (SDR) programme on Aug, 12 2026.

The initiative will enable the issuance of SDRs that represent Non-Voting Depository Receipts (NVDRs) linked to shares of companies listed on the Stock Exchange of Thailand. Application for quotation of the SDRs will be made to Singapore Exchange Securities Trading Limited (SGX-ST).

Under the deed poll dated May, 22 2023, each SDR will represent a specified number of NVDRs and any related securities or cash. The Central Depository (Pte) Limited will be the registered holder of the SDRs, while Phillip Securities (Thailand) Public Co. Ltd. acts as the initial custodian.

The SDRs will trade exclusively on SGX-ST in Singapore dollars, with investors having no direct interaction with the Thai exchange. Fees include up to 1% on cash dividends distributed and up to S$5 per 1,000 SDRs for issuance or cancellation, subject to minimum and maximum limits.

Phillip Securities cautioned that investing in SDRs involves risks, including price volatility, exchange-rate fluctuations between the Thai baht and Singapore dollar, and potential illiquidity. The programme operates under the Securities and Futures (Offer of Investments) (Exemption for Depository Receipts) Regulations 2023 and the document is not a registered prospectus with the Monetary Authority of Singapore.