On Aug, 12 2026, Phillip Securities Pte Ltd unveiled an unsponsored Singapore Depository Receipts (SDR) Programme that will enable investors here to trade Singapore-listed receipts representing Non-Voting Depository Receipts (NVDRs) of companies on the Stock Exchange of Thailand.

Under the scheme, the broker will issue SDRs against NVDRs held in custody by Phillip Securities (Thailand) Public Co. Ltd. Each SDR will confer beneficial ownership of the corresponding NVDRs—and, indirectly, the underlying Thai shares—but will carry no voting rights.

Phillip Securities plans to seek quotation of the SDRs on Singapore Exchange Securities Trading Limited (SGX-ST). Approval is contingent on the exchange being satisfied that the depository, the underlying company, the NVDRs and the Thai bourse meet its standards. Once listed, the SDRs will trade exclusively on SGX-ST in Singapore dollars during local market hours; investors will not interact directly with Thai brokers or the Thai exchange.

The offering document will not be registered as a prospectus with the Monetary Authority of Singapore, relying instead on the Securities and Futures (Offer of Investments) (Exemption for Depository Receipts) Regulations 2023.

Key terms include an issuance or cancellation fee of up to S$5 per 1,000 SDRs (minimum S$50, maximum S$1,000) and a corporate-action fee of up to 1% on cash dividends. Investors are warned that SDR prices may diverge from the prices of the underlying NVDRs due to factors such as foreign-exchange movements and market conditions.

Phillip Securities may terminate the programme with at least 90 days’ notice, and it may amend the terms of the SDRs, including fees, with one month’s notice. The firm emphasised that the NVDR issuer and underlying Thai companies are not involved in the SDR issuance, and that potential investors should assess the risks—including currency fluctuations, liquidity constraints and foreign-market regulations—before investing.