Phillip Securities Pte Ltd announced on Aug, 12 2026 the establishment of an unsponsored Singapore Depository Receipts (SDR) programme that will allow investors to trade receipts representing shares of companies listed on the Indonesia Stock Exchange (IDX).

The firm plans to issue SDRs periodically under the Securities and Futures (Offers of Investments) (Exemption for Depository Receipts) Regulations 2023 and will apply to list the instruments on Singapore Exchange Securities Trading Limited (SGX-ST). Quotation is subject to the exchange being satisfied with the depository, the underlying companies, their shares and the IDX.

SDRs will be denominated and traded in Singapore dollars on SGX-ST, and investors will not transact directly on the IDX. The Central Depository (Pte) Limited will be the registered holder of the receipts, while PT Phillip Sekuritas Indonesia serves as the initial custodian of the underlying shares in Indonesia.

A deed poll dated Oct, 16 2025 stipulates that each SDR will represent a specified number of shares and any cash distributions received in Indonesian rupiah will be converted to Singapore dollars “where possible” before being passed to holders. SDR investors will not be able to exercise voting rights attached to the underlying shares.

Fees include up to SGD5 for every 1,000 SDRs issued or cancelled (subject to minimum and maximum charges) and up to 1% of gross cash dividends for distribution services. Additional taxes, foreign-exchange costs and other charges may apply.

The offering document emphasises risks such as potential price volatility, liquidity constraints, foreign-exchange fluctuations between the rupiah and Singapore dollar, and regulatory differences between Singapore and Indonesia. The depository may terminate the SDRs, and holders could lose their entire investment. Investors are advised to review the full risk disclosures and seek professional advice before participating in the programme.