Phillip Securities Pte Ltd announced on Aug, 12 2026 that it has established an unsponsored Singapore Depository Receipts (SDR) programme covering companies listed on the Indonesia Stock Exchange (IDX).

Under the deed poll dated Oct, 16 2025, the Depository may issue SDRs from time to time in reliance on the Securities and Futures (Offers of Investments) (Exemption for Depository Receipts) Regulations 2023. Each SDR will represent a specified number of underlying IDX-listed shares held with PT Phillip Sekuritas Indonesia as custodian and will be registered in the name of The Central Depository (Pte) Limited.

Phillip Securities will apply to Singapore Exchange Securities Trading Limited for quotation of the SDRs. Trading, clearing and settlement will be conducted on SGX-ST in Singapore dollars, with investors having no direct interaction with the IDX or overseas brokers. The programme’s documentation highlights that investing in SDRs involves market, currency and liquidity risks and that investors will not have voting rights over the underlying shares.

The Depository has set issuance and cancellation fees of up to SGD5 per 1,000 SDRs (subject to minimum and maximum charges) and up to 0.105% and 0.1% of transaction value for issuance and cancellation in Indonesia respectively, among other charges. Potential investors are advised to review the full terms, fees and risk factors before participating in the SDR offering.