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

The firm said the SDRs will be issued periodically under an exemption from prospectus registration provided by the Securities and Futures (Offers of Investments) (Exemption for Depository Receipts) Regulations 2023. Application will be made to list the SDRs on Singapore Exchange Securities Trading Limited (SGX-ST), subject to the exchange’s approval criteria for the depository, the underlying companies and the IDX.

PT Phillip Sekuritas Indonesia has been appointed as the initial custodian for the underlying Indonesian shares, while The Central Depository (Pte) Limited will hold the Master SDR on behalf of investors. The SDRs will be traded solely on SGX-ST in Singapore dollars, and investors will not interact directly with the IDX or overseas brokers.

The document is not registered as a prospectus with the Monetary Authority of Singapore. Phillip Securities highlighted that SDR investors will not receive voting rights attached to the underlying shares and are exposed to risks including market volatility, currency fluctuations between the Indonesian rupiah and the Singapore dollar, and possible illiquidity of the SDRs. Potential investors are advised to review the offering information thoroughly and consider professional advice before investing.