[144] Joint Stock Co Kaspi.kz SEC Filing

Q: What does the Kaspi.kz (KSPI) Form 144 report?

The Form 144 reports a proposed sale of 186,382 ADS with an aggregate market value of $14,906,832.36 and names Morgan Stanley Smith Barney LLC as broker.

Q: Does the filing show recent sales activity for KSPI ADS?

Yes ; the filing lists extensive sales by Asia Equity Partners Ltd. across July–September 2025 , including a 1,000,000 ADS sale on 09/09/2025 for $87,240,000.00 .

Q: What is the approximate date for the proposed KSPI sale?

The filing lists an approximate sale date of 10/06/2025 for the 186,382 ADS.

Filing Impact

(Low)

Filing Sentiment

(Neutral)

Form Type

144

Rhea-AI Filing Summary

Kaspi.kz (KSPI) filing reports a proposed Rule 144 sale of 186,382 ADS with an aggregate market value of $14,906,832.36, representing part of 190,784,522 ADS outstanding. The securities were originally acquired in a private placement on 11/22/2006. The filing names Morgan Stanley Smith Barney LLC as the broker and lists an approximate sale date of 10/06/2025. The filing also discloses extensive recent selling by Asia Equity Partners Ltd. across July–September 2025, including a large block of 1,000,000 ADS sold on 09/09/2025 for $87,240,000.00. The notice includes the seller's representation that no undisclosed material adverse information is known.

Positive

Proposed sale is publicly disclosed under Rule 144, indicating regulatory compliance
Securities were long-held (acquired 11/22/2006), which explains Rule 144 eligibility

Negative

Extensive recent selling by the named seller across July–September 2025, including a 1,000,000 ADS block on 09/09/2025
Proposed additional sale of 186,382 ADS (≈$14.9M) could add near-term supply pressure around 10/06/2025

Insights

Large secondary sales continue; notable block sale on 09/09/2025 may affect supply.

The filing shows a proposed Rule 144 sale of 186,382 ADS (≈$14.9M) and a history of frequent disposals by the named seller across July–September 2025. One discrete trade of 1,000,000 ADS on 09/09/2025 generated $87,240,000.00, indicating material liquidity events.

Price pressure or float increase are the primary dependencies: market absorption will hinge on daily ADTV and block execution. Monitor near-term trading volumes around the 10/06/2025 sale date for emergence of supply-driven volatility.

Sale follows Rule 144 procedures; long-held private placement shares are being distributed.

The securities were acquired in a 11/22/2006 private placement and are being offered under Rule 144 with broker facilitation, which is consistent with standard resale mechanics for restricted shares becoming eligible to sell. The filer certifies absence of undisclosed material adverse information and notes possible reliance on a trading plan if applicable.

Key compliance items to watch are accurate aggregation of prior sales and timely filing; recent frequent sales by the same account require careful aggregation under resale rules and may affect availability of volume-based exemptions in the immediate term.

10/06/2025 - 04:22 PM

144: Filer Information

Filer CIK

Filer CCC

Is this a LIVE or TEST Filing?

LIVE TEST

Submission Contact Information

Name

Phone

E-Mail Address

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

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

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

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

186382

14906832.36

190784522

10/06/2025

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

11/22/2006

Private Placement

Issuer

186382

11/22/2006

N/A

* 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