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.

The SDRs will be quoted on Singapore Exchange Securities Trading Limited, subject to SGX-ST approval. Each SDR will evidence ownership of ordinary shares held by PT Phillip Sekuritas Indonesia, the appointed custodian in Indonesia, and The Central Depository (Pte) Limited will act as the registered holder.

Issued under the Securities and Futures (Offers of Investments) (Exemption for Depository Receipts) Regulations 2023, the SDRs will enable local trading in Singapore dollars while giving investors economic exposure to Indonesian equities. Holders will receive cash dividends and other distributions, converted into Singapore dollars when practicable, but will not have voting rights over the underlying shares.

The programme sets out issuance and cancellation fees of up to 5 Singapore dollars per 1,000 SDRs (minimum 50 Singapore dollars; maximum 1,000 Singapore dollars) and a transaction-based charge of up to 0.105 per cent of value for deposits and 0.1 per cent for withdrawals, alongside Indonesian sales tax where applicable.

Phillip Securities highlighted investment risks, including potential volatility in exchange rates between the Indonesian rupiah and Singapore dollar, liquidity constraints, and the absence of voting rights. The firm added that SDR trading could be halted if underlying Indonesian shares are suspended.

Investors are advised to review the full programme terms and seek professional advice before participating.