Kaspi.kz (KSPI) Form 144 Files Sale of 1M ADSs via Morgan Stanley

Rhea-AI Filing Summary

Joint Stock Company Kaspi.kz (KSPI) - Form 144 notice discloses a proposed sale of 1,000,000 American depositary shares (ADSs) through Morgan Stanley & Co. LLC, slated approximately for 09/09/2025 on NASDAQ. The filing lists an aggregate market value of $87,240,000 for the block and reports 190,784,522 ADSs outstanding. The ADSs were acquired in a private placement from the issuer on 11/22/2006 with cash payment. The filing also itemizes numerous ADS sales by Asia Equity Partners Ltd between 07/14/2025 and 09/09/2025, showing repeated dispositions of ADSs and associated gross proceeds on specific dates.

Positive

• Full compliance with Rule 144 disclosure: acquisition details, broker, planned sale date, and market value are provided
• Transparent history of ADS dispositions by Asia Equity Partners Ltd with specific dates and gross proceeds

Negative

• Large proposed sale of 1,000,000 ADSs (aggregate value $87,240,000) could increase free float in the market
• Frequent prior sales listed between 07/14/2025 and 09/09/2025 indicate ongoing disposals by the named seller

Insights

Securities Analyst

TL;DR: A material block of 1,000,000 KSPI ADSs (≈$87.24M) is scheduled for sale via Morgan Stanley, with recent continuous disposals by Asia Equity Partners.

The filing is a straightforward Rule 144 notice: it confirms ownership origin (private placement, 11/22/2006) and planned broker-assisted sale on NASDAQ. The stated aggregate market value and the size relative to reported outstanding ADSs provide clear disclosure about potential incremental supply. The included detailed sale-by-sale records from 07/14/2025 to 09/09/2025 document prior distributions and realized gross proceeds on specific dates, allowing precise tracking of recent liquidity events by the named seller.

Corporate Governance Specialist

TL;DR: Filing meets Rule 144 disclosure requirements, showing source of shares and broker arrangement; multiple recent sales are explicitly reported.

The form properly identifies the nature of acquisition (private placement) and payment method (cash), and includes the broker name and intended exchange. The signature/representation language is present, confirming the seller's statement about absence of undisclosed material adverse information. The chronological list of recent sales offers a transparent record of disposals by Asia Equity Partners Ltd without additional commentary or conditions.

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
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
American depositary shares ("ADSs")	Morgan Stanley & Co. LLC 1585 Broadway New York NY 10036	1000000	87240000.00	190784522	09/09/2025	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			1000000	11/22/2006	Cash

* 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
Asia Equity Partners Ltd 32 Kritis Street Papachristoforou Building, 4th Floor Limassol G4 3087	ADSs	07/14/2025	9583	775878.01
Asia Equity Partners Ltd 32 Kritis Street Papachristoforou Building, 4th Floor Limassol G4 3087	ADSs	07/15/2025	30265	2529418.56
Asia Equity Partners Ltd 32 Kritis Street Papachristoforou Building, 4th Floor Limassol G4 3087	ADSs	07/16/2025	10371	880625.46
Asia Equity Partners Ltd 32 Kritis Street Papachristoforou Building, 4th Floor Limassol G4 3087	ADSs	07/17/2025	9566	822918.02
Asia Equity Partners Ltd 32 Kritis Street Papachristoforou Building, 4th Floor Limassol G4 3087	ADSs	07/18/2025	8624	743139.57
Asia Equity Partners Ltd 32 Kritis Street Papachristoforou Building, 4th Floor Limassol G4 3087	ADSs	07/21/2025	10676	942428.17
Asia Equity Partners Ltd 32 Kritis Street Papachristoforou Building, 4th Floor Limassol G4 3087	ADSs	07/22/2025	11309	988138.58
Asia Equity Partners Ltd 32 Kritis Street Papachristoforou Building, 4th Floor Limassol G4 3087	ADSs	07/23/2025	6853	607913.18
Asia Equity Partners Ltd 32 Kritis Street Papachristoforou Building, 4th Floor Limassol G4 3087	ADSs	07/24/2025	11012	960781.58
Asia Equity Partners Ltd 32 Kritis Street Papachristoforou Building, 4th Floor Limassol G4 3087	ADSs	07/25/2025	5434	463854.39
Asia Equity Partners Ltd 32 Kritis Street Papachristoforou Building, 4th Floor Limassol G4 3087	ADSs	07/28/2025	8654	743492.83
Asia Equity Partners Ltd 32 Kritis Street Papachristoforou Building, 4th Floor Limassol G4 3087	ADSs	07/29/2025	13285	1144837.53
Asia Equity Partners Ltd 32 Kritis Street Papachristoforou Building, 4th Floor Limassol G4 3087	ADSs	07/30/2025	23710	1960314.35
Asia Equity Partners Ltd 32 Kritis Street Papachristoforou Building, 4th Floor Limassol G4 3087	ADSs	07/31/2025	26678	2138183.01
Asia Equity Partners Ltd 32 Kritis Street Papachristoforou Building, 4th Floor Limassol G4 3087	ADSs	08/01/2025	141	11139.00
Asia Equity Partners Ltd 32 Kritis Street Papachristoforou Building, 4th Floor Limassol G4 3087	ADSs	08/04/2025	32954	2792647.19
Asia Equity Partners Ltd 32 Kritis Street Papachristoforou Building, 4th Floor Limassol G4 3087	ADSs	08/05/2025	18569	1633464.79
Asia Equity Partners Ltd 32 Kritis Street Papachristoforou Building, 4th Floor Limassol G4 3087	ADSs	08/06/2025	12934	1143679.90
Asia Equity Partners Ltd 32 Kritis Street Papachristoforou Building, 4th Floor Limassol G4 3087	ADSs	08/07/2025	22690	2052941.28
Asia Equity Partners Ltd 32 Kritis Street Papachristoforou Building, 4th Floor Limassol G4 3087	ADSs	08/08/2025	27082	2555671.47
Asia Equity Partners Ltd 32 Kritis Street Papachristoforou Building, 4th Floor Limassol G4 3087	ADSs	08/11/2025	22367	2151358.71
Asia Equity Partners Ltd 32 Kritis Street Papachristoforou Building, 4th Floor Limassol G4 3087	ADSs	08/12/2025	14460	1397142.55
Asia Equity Partners Ltd 32 Kritis Street Papachristoforou Building, 4th Floor Limassol G4 3087	ADSs	08/13/2025	12559	1228081.82
Asia Equity Partners Ltd 32 Kritis Street Papachristoforou Building, 4th Floor Limassol G4 3087	ADSs	08/14/2025	7924	762230.16
Asia Equity Partners Ltd 32 Kritis Street Papachristoforou Building, 4th Floor Limassol G4 3087	ADSs	08/15/2025	9567	914485.61
Asia Equity Partners Ltd 32 Kritis Street Papachristoforou Building, 4th Floor Limassol G4 3087	ADSs	08/18/2025	16615	1571126.03
Asia Equity Partners Ltd 32 Kritis Street Papachristoforou Building, 4th Floor Limassol G4 3087	ADSs	08/19/2025	12036	1131804.06
Asia Equity Partners Ltd 32 Kritis Street Papachristoforou Building, 4th Floor Limassol G4 3087	ADSs	08/20/2025	11676	1064262.73
Asia Equity Partners Ltd 32 Kritis Street Papachristoforou Building, 4th Floor Limassol G4 3087	ADSs	08/21/2025	8252	747864.73
Asia Equity Partners Ltd 32 Kritis Street Papachristoforou Building, 4th Floor Limassol G4 3087	ADSs	08/22/2025	6539	603703.37
Asia Equity Partners Ltd 32 Kritis Street Papachristoforou Building, 4th Floor Limassol G4 3087	ADSs	08/25/2025	5657	523864.22
Asia Equity Partners Ltd 32 Kritis Street Papachristoforou Building, 4th Floor Limassol G4 3087	ADSs	08/26/2025	23190	2138925.01
Asia Equity Partners Ltd 32 Kritis Street Papachristoforou Building, 4th Floor Limassol G4 3087	ADSs	08/27/2025	9547	874339.08
Asia Equity Partners Ltd 32 Kritis Street Papachristoforou Building, 4th Floor Limassol G4 3087	ADSs	08/28/2025	12704	1181092.15
Asia Equity Partners Ltd 32 Kritis Street Papachristoforou Building, 4th Floor Limassol G4 3087	ADSs	08/29/2025	8419	787271.63
Asia Equity Partners Ltd 32 Kritis Street Papachristoforou Building, 4th Floor Limassol G4 3087	ADSs	09/02/2025	22892	2093665.69
Asia Equity Partners Ltd 32 Kritis Street Papachristoforou Building, 4th Floor Limassol G4 3087	ADSs	09/03/2025	12103	1090312.07
Asia Equity Partners Ltd 32 Kritis Street Papachristoforou Building, 4th Floor Limassol G4 3087	ADSs	09/04/2025	7413	672952.14
Asia Equity Partners Ltd 32 Kritis Street Papachristoforou Building, 4th Floor Limassol G4 3087	ADSs	09/05/2025	12929	1156561.11
Asia Equity Partners Ltd 32 Kritis Street Papachristoforou Building, 4th Floor Limassol G4 3087	ADSs	09/08/2025	13701	1198934.78
Asia Equity Partners Ltd 32 Kritis Street Papachristoforou Building, 4th Floor Limassol G4 3087	ADSs	09/09/2025	13601	1183029.94

144: Remarks and Signature

Remarks

Date of Notice

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

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

What does the KSPI Form 144 disclose about the proposed sale?

The filing discloses a proposed sale of 1,000,000 ADSs through Morgan Stanley & Co. LLC, approximately on 09/09/2025, on NASDAQ, with an aggregate market value of $87,240,000.

How were the ADSs being sold on Form 144 originally acquired?

The ADSs were acquired in a private placement from the issuer on 11/22/2006 and paid for in cash.

How many ADSs were outstanding according to the filing?

The filing reports 190,784,522 ADSs outstanding.

Does the filing show prior sales of KSPI ADSs by the same seller?

Yes. The filing lists multiple sales by Asia Equity Partners Ltd between 07/14/2025 and 09/09/2025 with specific amounts and gross proceeds for each date.

Which broker is handling the proposed sale?

The broker named in the filing is Morgan Stanley & Co. LLC located at 1585 Broadway, New York, NY.