On Aug, 12 2026, Phillip Securities Pte Ltd announced the establishment of an unsponsored Singapore Depository Receipts (SDR) programme that will allow investors in Singapore to trade receipts representing shares of companies listed on the Indonesia Stock Exchange (IDX).

Under the initiative, Phillip Securities, acting as Depository, may issue SDRs on Singapore Exchange Securities Trading Limited (SGX-ST) without lodging a prospectus, relying on the Securities and Futures (Offers of Investments) (Exemption for Depository Receipts) Regulations 2023. Each SDR will be backed by ordinary shares held with PT Phillip Sekuritas Indonesia as Custodian and will be registered in the name of The Central Depository (Pte) Limited.

The SDRs, to be denominated and traded in Singapore dollars, will give local investors exposure to Indonesian equities while eliminating the need for direct interaction with the IDX or overseas brokers. The Depository noted that it will not exercise voting rights attached to the underlying shares and emphasised that investors will receive distributions—such as dividends—after conversion into Singapore dollars, subject to fees and prevailing exchange rates.

Phillip Securities highlighted several risks, including potential volatility in SDR prices versus underlying share prices, Rupiah–SGD currency fluctuations, and possible trading suspensions mirroring halts on the IDX. The firm stressed that investors could lose their entire investment and should seek professional advice before participating.

An application will be submitted to the SGX-ST for quotation of the SDRs, subject to the exchange’s approval and fulfilment of its eligibility criteria.