[144] Joint Stock Company Kaspi.kz SEC Filing

Q: 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 .

Q: 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 .

Q: How many ADSs were outstanding according to the filing?

The filing reports 190,784,522 ADSs outstanding.

Q: 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.

Q: 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.

Filing Impact

(Low)

Filing Sentiment

(Neutral)

Form Type

144

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

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.

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.

09/09/2025 - 07:11 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

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