Phillip Securities Pte Ltd announced on Aug, 12 2026 the establishment of an unsponsored Singapore Depository Receipts (SDRs) programme that will allow investors to trade receipts representing shares of companies listed on the Indonesia Stock Exchange (IDX) directly on Singapore Exchange Securities Trading Limited (SGX-ST).

The brokerage will apply to list the SDRs on SGX-ST, subject to the exchange’s approval that the issuing companies, their IDX-listed shares and the Indonesian bourse meet required standards. The SDRs will be denominated and traded in Singapore dollars and cleared through The Central Depository (Pte) Limited.

PT Phillip Sekuritas Indonesia has been appointed as the initial custodian for the underlying IDX shares. Each SDR will convey rights to dividends and other distributions on the corresponding Indonesian shares, although neither Phillip Securities nor SDR holders will exercise voting rights on the underlying securities.

Issuance fees are set at up to 5 Singapore dollars for every 1,000 SDRs (minimum 50 Singapore dollars, maximum 1,000 Singapore dollars) plus up to 0.105% of transaction value. Cancellation fees mirror the issuance charges while cash dividend distributions will attract up to a 1% handling fee.

Phillip Securities highlighted key risks for investors, including potential price divergence between SDRs and underlying shares, exposure to rupiah/Singapore dollar exchange-rate movements, liquidity constraints, and differences between Indonesian and Singaporean regulatory frameworks.

The programme relies on exemptions under the Securities and Futures (Offers of Investments) (Exemption for Depository Receipts) Regulations 2023 and is not registered as a prospectus with the Monetary Authority of Singapore.