Phillip Securities unveils Singapore Depository Receipts programme for Thai NVDRs

SGX Filings

Aug 12

Phillip Securities Pte Ltd announced on Aug, 12 2026 that it has established an unsponsored Singapore Depository Receipts (SDRs) programme, enabling investors in Singapore to trade SDRs that represent Non-Voting Depository Receipts (NVDRs) linked to shares of companies listed on the Stock Exchange of Thailand.

The firm will seek quotation of the SDRs on the Singapore Exchange Securities Trading Limited, relying on the Securities and Futures (Offer of Investments) (Exemption for Depository Receipts) Regulations 2023 and will not register a prospectus with the Monetary Authority of Singapore.

Each SDR will be backed by NVDRs held with a custodian in Thailand and recorded under a Master SDR registered in the name of The Central Depository (Pte) Limited. Phillip Securities (Thailand) Public Co. Ltd. has been appointed as the initial custodian.

Investors will receive cash dividends and other distributions in Singapore dollars, subject to fees and currency conversion. The document highlights risks related to market volatility, foreign-exchange movements and potential illiquidity, and outlines fees of up to S$5 per 1,000 SDRs for issuance or cancellation.

Phillip Securities noted that trading of the SDRs will be confined to the SGX-ST and investors will not have direct access to the Thai market when dealing in these instruments.

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