Phillip Securities Pte Ltd announced on Aug, 12 2026 that it has established an unsponsored Singapore Depository Receipts (“SDRs”) Programme to issue SDRs representing Non-Voting Depository Receipts (“NVDRs”) of Thai NVDR Company Limited.

The firm will apply to list the SDRs on the Singapore Exchange Securities Trading Limited (“SGX-ST”), relying on the Securities and Futures (Offer of Investments) (Exemption for Depository Receipts) Regulations 2023. Trading of the SDRs will be conducted solely on SGX-ST; investors will not have direct access to the Stock Exchange of Thailand.

Under the programme, each SDR will evidence NVDRs that in turn represent ordinary or preferred shares of companies listed on the Stock Exchange of Thailand. The SDRs will be registered in the name of The Central Depository (Pte) Limited (“CDP”), with Phillip Securities (Thailand) Public Co. Ltd. appointed as the initial custodian.

Phillip Securities outlined that investors will receive cash dividends and other distributions in Singapore dollars after the deduction of applicable fees, expenses and taxes. The company highlighted risks including market volatility, foreign-exchange exposure between the Thai baht and Singapore dollar, and the absence of voting rights for SDR holders.

Fees include up to S$5 per 1,000 SDRs for issuance or cancellation, a corporate action fee of up to 1 percent on cash dividends, and up to 0.25 percent on proceeds from the sale of securities received. The depository may amend fees with one month’s notice and has the discretion to terminate the SDRs with at least 90 days’ notice.

The SGX-ST’s approval for quotation is subject to the exchange’s satisfaction with the depository, the underlying companies, the NVDR arrangements and the Thai exchange. The SDRs will be denominated and traded in Singapore dollars during SGX-ST trading hours.

Phillip Securities cautioned prospective investors to review the offering document in full and obtain professional advice, noting that investing in SDRs involves risks including potential loss of entire investment and exposure to market and currency fluctuations.