Phillip Securities launches Singapore Depository Receipts programme for Thai NVDRs

SGX Filings

Aug 12

Phillip Securities announced on Aug, 12 2026 that it has established an unsponsored Singapore Depository Receipts (SDR) Programme, enabling the issuance of SDRs representing Non-Voting Depository Receipts (NVDRs) issued by Thai NVDR Company Limited.

Under the programme, SDRs will be quoted on the Singapore Exchange Securities Trading Limited after regulatory approval, giving investors SGD-denominated, SGX-traded exposure to shares of companies listed on the Stock Exchange of Thailand. Each SDR will convey rights to the underlying NVDRs but will not confer voting rights on the Thai shares.

The initiative relies on the Securities and Futures (Offer of Investments) (Exemption for Depository Receipts) Regulations 2023, meaning no prospectus registration is required with the Monetary Authority of Singapore. Investors will pay issuance or cancellation fees of up to 5 Singapore dollars per 1,000 SDRs and up to 1 percent of gross cash dividends distributed. The company highlighted risks from market volatility, foreign-exchange movements between the Thai baht and the Singapore dollar, and the potential for trading halts if corresponding NVDRs are suspended in Thailand.

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