Kaspi.kz (KSPI) insider files Form 3 for 39,457,265 ADS

Rhea-AI Filing Summary

Joint Stock Co Kaspi.kz director and more than ten percent owner Vyacheslav Kim filed an initial Form 3 showing a large existing stake. He reports direct ownership of 39,457,265 American Depositary Shares, each representing one common share of the company. This filing records holdings only and does not report any new purchase or sale.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Kim Vyacheslav

Role Director, 10% Owner

Type	Security	Shares	Price	Value
holding	American Depositary Shares, no par value	--	--	--

Holdings After Transaction: American Depositary Shares, no par value — 39,457,265 shares (Direct)

Footnotes (1)

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SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0104
Estimated average burden
hours per response:			0.5

1. Name and Address of Reporting Person^*

Kim Vyacheslav

(Last) (First) (Middle)

154A NAURYZBAI BATYR STREET

(Street)

ALMATY 050013

(City) (State) (Zip)

UNITED STATES

(Country)

2. Date of Event Requiring Statement (Month/Day/Year)
03/18/2026

3. Issuer Name and Ticker or Trading Symbol
Joint Stock Co Kaspi.kz [ KSPI ]

3a. Foreign Trading Symbol

5. If Amendment, Date of Original Filed (Month/Day/Year)

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
American Depositary Shares, no par value	(1)	(1)	Common shares, no par value	39,457,265	(1)	D

Explanation of Responses:

1. Each American Depositary Share represents one common share of the issuer.

Remarks:

Due to the issuer's status as a foreign private issuer pursuant to Rule 3a12-3(b) under the Securities Exchange Act of 1934 (the "Act"), the reporting person's transactions in the issuer's equity securities are exempt from Sections 16(b) and 16(c) of the Act. Exhibit 24 - Power of Attorney

	/s/ Yuri Didenko as attorney-in-fact for Vyacheslav Kim	03/18/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 3: SEC 1473 (03-26)

FAQ

What does Vyacheslav Kim’s Form 3 disclose for KSPI?

The Form 3 discloses that Vyacheslav Kim, a director and more than ten percent owner of Joint Stock Co Kaspi.kz, holds 39,457,265 American Depositary Shares. It is an initial ownership report, not a record of new trading activity.

How many Kaspi.kz ADS does Vyacheslav Kim report owning?

He reports direct ownership of 39,457,265 American Depositary Shares of Joint Stock Co Kaspi.kz. This figure represents his beneficial stake at the time of the filing, establishing a baseline for future insider ownership reports and transactions.

What does each Kaspi.kz American Depositary Share represent?

Each American Depositary Share of Joint Stock Co Kaspi.kz represents one common share of the issuer. This one-to-one relationship means the 39,457,265 ADS reported correspond to the same number of underlying common shares outstanding for the insider.

Does the KSPI Form 3 show Vyacheslav Kim buying or selling shares?

No, the Form 3 does not show any buying or selling activity. It records a holding entry only, with no transaction code and no shares listed as purchased or sold, serving purely as an initial ownership statement.

What is Vyacheslav Kim’s role at Joint Stock Co Kaspi.kz?

He is identified as a director and a more than ten percent owner of Joint Stock Co Kaspi.kz. This combination of governance role and significant stake makes his ownership disclosures important for understanding insider alignment with shareholders.