Kaspi.kz director plans sale of 1.93M ADS

Joint Stock Co Kaspi.kz (KSPI) received a Rule 144 notice that director Vyacheslav Kim, through UBS Financial Services Inc. as attorney-in-fact, intends to sell up to 1,932,309 ADS.

Rhea-AI Filing Summary

Joint Stock Co Kaspi.kz (KSPI) received a Rule 144 notice that director Vyacheslav Kim, through UBS Financial Services Inc. as attorney-in-fact, intends to sell up to 1,932,309 ADS. The ADS have an aggregate market value of $204,032,507.30. Kaspi.kz had 190,027,266 ADS outstanding as of 08/31/2026. From June 1 through August 28, 2026, Kim sold 1,355,848 ADS for gross proceeds of $124,547,081.48.

Key Figures

ADS to be sold: 1,932,309 ADS Aggregate market value of ADS to be sold: $204,032,507.30 ADS outstanding: 190,027,266 ADS +3 more

6 metrics

ADS to be sold 1,932,309 ADS Amount of Joint Stock Co Kaspi.kz ADS covered by the Rule 144 notice

Aggregate market value of ADS to be sold $204,032,507.30 Total market value of 1,932,309 ADS referenced in the notice

ADS outstanding 190,027,266 ADS Shares of Joint Stock Co Kaspi.kz outstanding as of 08/31/2026

ADS sold in past 3 months 1,355,848 ADS Sales from June 1, 2026 through August 28, 2026

Gross proceeds from recent sales $124,547,081.48 Gross proceeds from 1,355,848 ADS sold from June 1 to August 28, 2026

Approximate sale date 08/31/2026 Approximate date of the proposed Rule 144 sales

Key Terms

Rule 144, ADS, RegS GDRs, attorney-in-fact

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.

ADS financial

"ADS | UBS Financial Services Inc. 11 Madison Avenue 4th Floor"

Ads are paid promotional messages a company places across media — online, on TV, in print, or on social platforms — to attract customers, explain products, or shape public perception. For investors, ads matter because they drive sales growth, affect how much a company must spend to win customers, and influence brand strength and long-term value. Ads can also create regulatory or reputational risk if claims are misleading, which can affect profits and stock price.

RegS GDRs financial

"RegS GDRs converted into ADS at the time of the Issuer IPO"

attorney-in-fact regulatory

"UBS Financial Services Inc., as attorney-in-fact for Vyacheslav Kim"

An attorney-in-fact is the person or entity given legal authority through a power of attorney to act on behalf of another for specific tasks, such as signing documents, voting shares, or handling transactions. For investors, this matters because it lets a trusted representative make timely decisions or complete paperwork when the owner cannot, much like handing keys to someone to run errands on your behalf—so checks on scope and limits of that authority are important.

FAQ

What insider sale is being reported for KSPI in this Form 144?

The notice reports that director Vyacheslav Kim plans to sell up to 1,932,309 ADS of Joint Stock Co Kaspi.kz under Rule 144, with UBS Financial Services Inc. acting as attorney-in-fact for the transactions.

How many KSPI ADS has Vyacheslav Kim already sold recently?

From June 1, 2026 through August 28, 2026, 1,355,848 ADS of Joint Stock Co Kaspi.kz were sold for gross proceeds of $124,547,081.48, according to the remarks section.

What is the aggregate market value of the KSPI ADS covered by this notice?

The Form 144 lists 1,932,309 ADS of Joint Stock Co Kaspi.kz with an aggregate market value of $204,032,507.30 in connection with the planned Rule 144 sales.

How many KSPI ADS are outstanding in relation to this Form 144 filing?

The filing states that 190,027,266 ADS of Joint Stock Co Kaspi.kz were outstanding as of 08/31/2026, providing context for the scale of the planned sales.

Who is executing the KSPI ADS sales on behalf of Vyacheslav Kim?

The notice is signed by UBS Financial Services Inc. “as attorney-in-fact for Vyacheslav Kim,” indicating UBS will act on his behalf for the Rule 144 sales of KSPI ADS.

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

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Available on EDGAR 08/31/2026 - 04:07 PM Accepted by SEC EDGAR 08/31/2026 - 04:05 PM Learn about SEC filing dates

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK	0002029485
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 Co Kaspi.kz
SEC File Number	001-41921
Address of Issuer	154A NAURYZBAI BATYR STREET ALMATY KAZAKSTAN 050013
Phone	7 727 3306710
Name of Person for Whose Account the Securities are To Be Sold	Kim Vyacheslav
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	Director

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
ADS	UBS Financial Services Inc. 11 Madison Avenue 4th Floor New York NY 10010	1932309	204032507.30	190027266	08/31/2026	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 *
ADS	01/10/2024	RegS GDRs converted into ADS at the time of the Issuer IPO	Issuer			1932309	01/10/2024	Common Shares converted to ADS at the time of Issuer IPO

* 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
Vyacheslav Kim c/o 154A NAURYZBAI BATYR STREET ALMATY 1P 050013	ADS	06/01/2026	1355848	124547081.48

144: Remarks and Signature

Remarks	From June 1, 2026 through August 28, 2026 a total of 1,355,848 shares were sold resulting in gross proceeds of $124,547,081.48. Please see the attached Exhibit for itemized sale information.
Date of Notice	08/31/2026
Date of Plan Adoption or Giving of Instruction, If Relying on Rule 10b5-1	05/22/2026
ATTENTION:
The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.
Signature	/s/ UBS Financial Services Inc., as attorney-in-fact for Vyacheslav Kim
ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)