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

The brokerage said it will seek quotation of the SDRs on Singapore Exchange Securities Trading Limited (SGX-ST). Approval is subject to the SGX-ST being satisfied with the standards of the depository, the relevant Indonesian companies, their shares and the IDX.

Under a deed poll dated Oct, 16 2025, Phillip Securities may issue SDRs from time to time by depositing Indonesian ordinary shares with its Indonesian custodian, PT Phillip Sekuritas Indonesia. The Central Depository (Pte) Limited (CDP) will be the registered holder of the master SDR, while investors will hold beneficial interests through their CDP or broker accounts.

The SDRs will be traded solely on SGX-ST in Singapore dollars, with investors having no direct interaction with the IDX or overseas brokers. Trading of the SDRs is expected to halt if trading of the underlying Indonesian shares is suspended.

Phillip Securities highlighted that SDR investors will not have voting rights over the underlying shares and must rely on the depository for handling corporate actions and distributions. The firm also cautioned that investing in SDRs carries market, liquidity, currency and regulatory risks, and that returns may differ from directly holding the Indonesian shares.

The SDR programme utilises the exemption from prospectus registration under Singapore’s Securities and Futures (Offers of Investments) (Exemption for Depository Receipts) Regulations 2023. Phillip Securities emphasised that the document outlining the SDR framework has not been and will not be registered as a prospectus with the Monetary Authority of Singapore.

Investors are advised to review the full programme details and assess their risk tolerance before participating in the SDR offerings.