Phillip Securities Pte Ltd announced on Aug, 12 2026 that it has established an unsponsored Singapore Depository Receipts (SDR) programme to offer investors exposure to shares of companies listed on the Indonesia Stock Exchange.

The securities house will issue SDRs under a deed poll dated Oct, 16 2025, relying on the Securities and Futures (Offers of Investments) (Exemption for Depository Receipts) Regulations 2023. Each SDR will represent a specified number of underlying Indonesian shares that are deposited with PT Phillip Sekuritas Indonesia, the appointed custodian.

An application will be submitted to Singapore Exchange Securities Trading Limited (SGX-ST) for quotation of the SDRs. Trading will be conducted solely on SGX-ST in Singapore dollars, with clearing and settlement handled by The Central Depository (Pte) Limited. Investors will not interact directly with the Indonesia Stock Exchange.

The prospectus-exempt offering outlines key features, including dividend distribution in Singapore dollars where practicable, no voting rights for SDR holders, and the ability to convert SDRs back into underlying shares subject to fees. Issuance fees are set at up to SGD5 per 1,000 SDRs (minimum SGD50, maximum SGD1,000) plus up to 0.105 per cent of transaction value, while cancellation fees mirror those rates and include a 0.1 per cent Indonesian sales tax.

Phillip Securities cautioned that investing in SDRs involves market, currency and liquidity risks, adding that quoting on SGX-ST is subject to exchange approval and ongoing compliance by the Indonesian companies and the IDX with SGX-ST standards.