Phillip Securities Pte Ltd announced on Aug, 12 2026 the establishment of an unsponsored Singapore Depository Receipts (SDR) programme that will issue SDRs representing Non-Voting Depository Receipts (NVDRs) listed on the Stock Exchange of Thailand.

The firm said it will apply to list the SDRs on the Singapore Exchange Securities Trading Limited, with quotation subject to SGX-ST approval of the depository, the underlying Thai companies and their NVDRs. Investors will trade the SDRs solely on SGX-ST without direct access to the Thai exchange.

According to the deed poll dated May, 22 2023, each SDR will evidence NVDRs held by Phillip Securities’ Thai custodian, Phillip Securities (Thailand) Public Co. Ltd., and will entitle holders to corresponding cash dividends or other distributions after fees and taxes.

The documentation outlines fees of up to 1% on cash dividends, an issuance fee of up to 5 million Singapore dollars per 1,000 SDRs (minimum 50, maximum 1,000), and similar charges for cancellations. The SDRs will be denominated and traded in Singapore dollars, and investors will not obtain voting rights in the underlying Thai shares.

Phillip Securities cautioned that investing in SDRs involves risks including potential price volatility, foreign-exchange fluctuations between the Thai baht and Singapore dollar, possible illiquidity, and lack of voting rights. The company may amend programme terms or terminate the SDRs with prior notice. Investors are advised to review the full offering memorandum and seek professional advice before investing.