Phillip Securities launches Singapore Depository Receipts programme for Thai NVDRs

SGX Filings

Aug 12

Phillip Securities Pte Ltd announced on Aug, 12 2026 that it has established an unsponsored Singapore Depository Receipts (SDR) programme, enabling investors on Singapore Exchange Securities Trading Limited (SGX-ST) to trade securities that represent non-voting depository receipts (NVDRs) listed on the Stock Exchange of Thailand.

The depository will apply to the SGX-ST for quotation of the SDRs, which will be denominated and traded in Singapore dollars. Each SDR will represent NVDRs issued by Thai NVDR Company Limited and, indirectly, the underlying shares of Thai-listed companies.

Phillip Securities has appointed Phillip Securities (Thailand) Public Co. Ltd. as the initial custodian, while The Central Depository (Pte) Limited will be the registered holder of the Master SDR. The programme relies on the exemption under the Securities and Futures (Offer of Investments) (Exemption for Depository Receipts) Regulations 2023, meaning no prospectus has been or will be registered with the Monetary Authority of Singapore.

The firm highlighted that investors will receive cash dividends or other distributions in Singapore dollars after conversion, and outlined fees for issuance, cancellation and corporate actions. The document also lists investment considerations, including pricing, liquidity, currency and counterparty risks.

Phillip Securities stated that trading of the SDRs will be halted on SGX-ST if the corresponding NVDRs are suspended in Thailand, and that the depository may amend the terms or terminate the SDRs with proper notice.

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