Kaspi.kz affiliate proposes $49.3M share sale

Q: How many KSPI ADSs does Fintech Partners Ltd propose to sell?

Fintech Partners Ltd proposed to sell 545,000 ADSs, with an aggregate market value of $49,338,850.

The ADSs proposed for sale are listed as transferred from Asia Equity Partners Ltd under a Participation Deed on August 30, 2024.

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)How Sentiment works

Sentiment and the balance of points

Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.

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Form Type

144

Rhea-AI Filing Summary

Joint Stock Co Kaspi.kz (KSPI) affiliate Fintech Partners Ltd filed a notice of a proposed sale of 545,000 ADSs, with an aggregate market value of $49,338,850. The notice identifies Morgan Stanley Smith Barney LLC as broker and lists 190,027,266 shares outstanding as of October 23, 2026. It also lists sales by Fintech Partners Ltd during the prior three months, including 73,009 ADSs valued at $7,138,798.12 on September 10, 2026.

Key Figures

Proposed sale: 545,000 ADSs Aggregate market value: $49,338,850 Shares outstanding: 190,027,266 shares +1 more

4 metrics

Proposed sale 545,000 ADSs Fintech Partners Ltd

Aggregate market value $49,338,850 Proposed ADS sale

Shares outstanding 190,027,266 shares As of October 23, 2026

ADSs sold 73,009 ADSs September 10, 2026

Key Terms

Rule 144, Affiliate, ADSs, Participation Deed

4 terms

Rule 144 regulatory

"See the definition of "person" in paragraph (a) of Rule 144"

Rule 144 is a U.S. securities regulation that sets conditions under which restricted or insider-held shares can be legally resold to the public, such as required holding periods, availability of public information, limits on how much can be sold at once, and certain filing requirements. For investors it matters because it determines when previously locked-up shares can enter the market — like a release valve that can increase supply, affect share price, and signal insider intent.

Affiliate regulatory

"Affiliate"

ADSs financial

"ADSs"

Participation Deed financial

"Transfer under Participation Deed"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many KSPI ADSs does Fintech Partners Ltd propose to sell?

Fintech Partners Ltd proposed to sell 545,000 ADSs, with an aggregate market value of $49,338,850.

How did Fintech Partners Ltd acquire the KSPI ADSs?

Fintech Partners Ltd lists 545,000 ADSs as transferred from Asia Equity Partners Ltd under a Participation Deed on August 30, 2024; the consideration was paid in full.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 10/23/2026 - 04:24 PM EDT Accepted by SEC EDGAR 10/23/2026 - 04:23 PM EDT

144: Filer Information

Filer CIK

0002035126

Filer CCC

XXXXXXXX

Is this a LIVE or TEST Filing?

LIVE TEST

Submission Contact Information

Name

Phone

E-Mail Address

144: Issuer Information

Name of Issuer

Joint Stock Company Kaspi.kz

SEC File Number

001-41921

Address of Issuer

154A Nauryzbai Batyr Street
ALMATY
KAZAKSTAN
050013

Phone

77273306710

Name of Person for Whose Account the Securities are To Be Sold

FINTECH PARTNERS LTD

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

Relationship to Issuer

Affiliate

144: Securities Information

Title of the Class of Securities To Be Sold

Name and Address of the Broker

Number of Shares or Other Units To Be Sold

Aggregate Market Value

Number of Shares or Other Units Outstanding

Approximate Date of Sale

Name the Securities Exchange

ADSs

Morgan Stanley Smith Barney LLC Executive Financial Services
1 New York Plaza
8th Floor
New York NY 10004

545000

49338850.00

190027266

10/23/2026

NASDAQ

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class

Date you Acquired

Nature of Acquisition Transaction

Name of Person from Whom Acquired

Is this a Gift?

Date Donor Acquired

Amount of Securities Acquired

Date of Payment

Nature of Payment *

ADSs

08/30/2024

Transfer under Participation Deed

Asia Equity Partners Ltd

545000

08/30/2024

Consideration paid in full

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Name and Address of Seller

Title of Securities Sold

Date of Sale

Amount of Securities Sold

Gross Proceeds