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Kaspi.kz director sells 60K ADS at $103–108

A Kaspi.kz director disclosed planned open-market sales totaling over 60,000 ADS during early September 2026.

Filing Impact
(Very High)
Filing Sentiment
(Negative)
Form Type
4

Rhea-AI Filing Summary

Joint Stock Co Kaspi.kz (KSPI) director Vyacheslav Kim reported open-market sales of 60,429 American Depositary Shares over September 1–3, 2026. The ADS sales were executed at weighted-average prices between $103.06 and $107.95 per ADS, each ADS representing one common share, under a Rule 10b5-1 trading plan.

Positive

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Negative

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Insights

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Insider Kim Vyacheslav
Role Director
Sold 60,429 shs ($6.39M)
Type Security Shares Price Value
Sale American Depositary Shares, no par value F1, F8 13,619 $107.00 $1.46M
Sale American Depositary Shares, no par value F1, F9 3,813 $107.68 $411K
Sale American Depositary Shares, no par value F1, F5 1,583 $104.18 $165K
Sale American Depositary Shares, no par value F1, F6 7,104 $105.74 $751K
Sale American Depositary Shares, no par value F1, F7 7,832 $106.45 $834K
Sale American Depositary Shares, no par value F1, F2 5,170 $103.64 $536K
Sale American Depositary Shares, no par value F1, F3 15,240 $104.59 $1.59M
Sale American Depositary Shares, no par value F1, F4 6,068 $105.27 $639K
Holdings After Transaction: American Depositary Shares, no par value — 37,089,280 contracts (Direct)
Footnotes (9)
  1. F1. Each American Depositary Share (ADS) represents one common share of the issuer.
  2. F2. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $103.06 to $104.05, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the U.S. Securities and Exchange Commission ("SEC"), upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
  3. F3. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $104.07 to $105.06, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
  4. F4. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $105.08 to $105.585, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
  5. F5. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $104 to $104.69, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
  6. F6. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $105.09 to $106.08, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
  7. F7. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $106.095 to $106.81, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
  8. F8. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $106.49 to $107.49, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
  9. F9. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $107.51 to $107.95, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
Total ADS sold 60,429 American Depositary Shares Cumulative insider sales reported for September 1–3, 2026
Sale price range $103.06–$107.95 per ADS Price ranges from weighted-average sale groups described in footnotes
First day ADS sold 26,478 American Depositary Shares Sum of 5,170; 15,240; and 6,068 ADS sales on September 1, 2026
Second day ADS sold 16,519 American Depositary Shares Sum of 1,583; 7,104; and 7,832 ADS sales on September 2, 2026
Third day ADS sold 17,432 American Depositary Shares Sum of 13,619 and 3,813 ADS sales on September 3, 2026
ADS to common share ratio 1 ADS : 1 common share Each American Depositary Share represents one common share of the issuer
American Depositary Shares financial
"Each American Depositary Share (ADS) represents one common share of the issuer."
American depositary shares (ADSs) are a way for investors in the United States to buy shares of foreign companies without dealing with international markets directly. They represent ownership in a foreign company's stock and are traded on U.S. stock exchanges, making it easier for American investors to buy, sell, and own parts of companies from around the world.
weighted average price financial
"The price reported in Column 8 is a weighted average price."
Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.
foreign private issuer regulatory
"Due to the issuer's status as a foreign private issuer pursuant to Rule 3a12-3(b) under the Securities Exchange Act of 1934"
A foreign private issuer is a company organized outside the United States that meets tests showing it is primarily foreign-controlled and therefore qualifies for a different set of U.S. reporting rules. For investors, that means the company files less frequent or differently formatted disclosures with U.S. regulators and may follow home-country accounting and governance practices, so buying its stock is like dining at a well-reviewed restaurant that follows its home kitchen’s rules instead of the local menu — you get access but should check what standards apply.
Rule 10b5-1 trading plan regulatory
"the transactions were effected pursuant to a Rule 10b5-1 trading plan"
A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.
Sections 16(b) and 16(c) regulatory
"transactions in the issuer's equity securities are exempt from Sections 16(b) and 16(c) of the Act"

FAQ

What insider transactions did KSPI disclose for director Vyacheslav Kim?
The report shows that director Vyacheslav Kim sold a total of 60,429 American Depositary Shares (ADS) of Joint Stock Co Kaspi.kz in open-market transactions over September 1–3, 2026, at various weighted-average prices.

Over what dates were the KSPI American Depositary Shares sold?
The disclosed sales of Joint Stock Co Kaspi.kz American Depositary Shares occurred on September 1, 2026, September 2, 2026, and September 3, 2026, in multiple open-market transactions at different price ranges on each day.

How many KSPI ADS did the director sell in total and at what price range?
Across all reported transactions, the director sold 60,429 ADS. Footnotes state that these ADS were sold in multiple trades at prices ranging from $103.06 to $107.95 per ADS, with each reported price being a weighted average for that transaction group.

Were the KSPI insider sales made under a Rule 10b5-1 trading plan?
Yes. The disclosure indicates the transactions were effected under a Rule 10b5-1 trading plan, meaning the sales were made pursuant to a pre-arranged trading program rather than discretionary timing by the director.

What type of security did the KSPI director sell and what does each represent?
The director sold American Depositary Shares, no par value. A footnote explains that each American Depositary Share (ADS) represents one common share of Joint Stock Co Kaspi.kz.

Are the KSPI insider transactions subject to short-swing profit rules?
The remarks note that, because Joint Stock Co Kaspi.kz qualifies as a foreign private issuer under Rule 3a12-3(b), the reporting person’s transactions in its equity securities are exempt from Sections 16(b) and 16(c) of the Securities Exchange Act of 1934.

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SEC Form 4
FORM 4UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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:3235-0287
Estimated average burden
hours per response:0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
X
Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
Kim Vyacheslav
(Last)(First)(Middle)
154A NAURYZBAI BATYR STREET
(Street)
ALMATY050013
(City)(State)(Zip)
KAZAKSTAN
(Country)		2. Issuer Name and Ticker or Trading Symbol
Joint Stock Co Kaspi.kz [ KSPI ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
XDirector10% Owner
Officer (give title below)Other (specify below)
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
09/01/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
XForm filed by One Reporting Person
Form filed by More than One Reporting Person
4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year)2A. Deemed Execution Date, if any (Month/Day/Year)3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeVAmount(A) or (D)Price
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year)3A. Deemed Execution Date, if any (Month/Day/Year)4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year)7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
American Depositary Shares, no par value(1)09/01/2026S5,170 (1) (1)Common Shares, no par value(1)$103.64(2)37,144,539D
American Depositary Shares, no par value(1)09/01/2026S15,240 (1) (1)Common Shares, no par value(1)$104.59(3)37,129,299D
American Depositary Shares, no par value(1)09/01/2026S6,068 (1) (1)Common Shares, no par value(1)$105.27(4)37,123,231D
American Depositary Shares, no par value(1)09/02/2026S1,583 (1) (1)Common Shares, no par value(1)$104.18(5)37,121,648D
American Depositary Shares, no par value(1)09/02/2026S7,104 (1) (1)Common Shares, no par value(1)$105.74(6)37,114,544D
American Depositary Shares, no par value(1)09/02/2026S7,832 (1) (1)Common Shares, no par value(1)$106.45(7)37,106,712D
American Depositary Shares, no par value(1)09/03/2026S13,619 (1) (1)Common Shares, no par value(1)$107(8)37,093,093D
American Depositary Shares, no par value(1)09/03/2026S3,813 (1) (1)Common Shares, no par value(1)$107.68(9)37,089,280D
Explanation of Responses:
1. Each American Depositary Share (ADS) represents one common share of the issuer.
2. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $103.06 to $104.05, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the U.S. Securities and Exchange Commission ("SEC"), upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
3. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $104.07 to $105.06, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
4. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $105.08 to $105.585, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
5. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $104 to $104.69, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
6. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $105.09 to $106.08, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
7. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $106.095 to $106.81, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
8. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $106.49 to $107.49, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
9. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $107.51 to $107.95, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
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.
/s/ Yuri Didenko, as attorney-in-fact for Vyacheslav Kim09/03/2026
** Signature of Reporting PersonDate
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 4 (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 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR