Phillip Securities Introduces Singapore Depository Receipts for Indonesia-Listed Companies

SGX Filings

Aug 12

Phillip Securities Pte Ltd announced on Aug, 12 2026 that it has established an unsponsored Singapore Depository Receipts (SDRs) programme allowing investors to trade securities of companies listed on the Indonesia Stock Exchange (IDX) via Singapore Exchange Securities Trading Limited (SGX-ST).

The SDRs, to be issued from time to time under the Securities and Futures (Offers of Investments) (Exemption for Depository Receipts) Regulations 2023, will be quoted and settled in Singapore dollars. PT Phillip Sekuritas Indonesia will act as custodian of the underlying shares, while The Central Depository (Pte) Limited will be the registered holder of the SDRs.

SDR investors will receive cash dividends and other distributions in Singapore dollars after conversion from Indonesian Rupiah, but they will not hold voting rights in the underlying shares. Issuance or cancellation of SDRs will attract fees of up to 5 Singapore dollars per 1,000 SDRs (minimum 50 Singapore dollars, maximum 1,000 Singapore dollars), and cash dividend distributions may incur charges of up to 1% of the gross amount.

Phillip Securities highlighted risks including potential divergence between SDR and share prices, currency fluctuations, liquidity constraints and the possibility of trading halts if the IDX suspends the underlying shares. The programme may be terminated if the shares lose their IDX listing or if SGX-ST directs delisting.

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