Kaspi.kz director sells 62,585 ADS in market trades

Joint Stock Co Kaspi.kz director Vyacheslav Kim reported open-market sales of American Depositary Shares (ADS) over two days.

Accepted by SEC EDGAR 04/30/2026 - 07:49 PM EDT

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Rhea-AI Filing Summary

Joint Stock Co Kaspi.kz director Vyacheslav Kim reported open-market sales of American Depositary Shares (ADS) over two days. On April 28 and 29, 2026, he sold a total of 62,585 ADS, with reported weighted average prices around $85–$89 per ADS. Footnotes state each ADS represents one common share and that the prices are weighted averages from multiple trades within disclosed price ranges.

Insider Trade Summary 10b5-1

Net Seller: 62,585 shares

Net Sell 6 txns

Insider Kim Vyacheslav

Role Director

Sold 62,585 shs ($5.38M)

Type	Security	Shares	Price	Value
Sale	American Depositary Shares, no par value	14,966	$85.317	$1.28M
Sale	American Depositary Shares, no par value	14,214	$86.107	$1.22M
Sale	American Depositary Shares, no par value	22,128	$85.799	$1.90M
Sale	American Depositary Shares, no par value	8,879	$87.021	$773K
Sale	American Depositary Shares, no par value	1,773	$87.784	$156K
Sale	American Depositary Shares, no par value	625	$88.885	$56K

Holdings After Transaction: American Depositary Shares, no par value — 38,985,575 contracts (Direct)

Holdings Before and After: American Depositary Shares, no par value, 39,048,160 to 38,985,575 contracts (Direct)

Footnotes (7)

F1. Each American Depositary Share (ADS) represents one common share of the issuer.
F2. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $85.21 to $86.15, 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.
F3. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $86.49 to $87.4, 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.
F4. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $87.5 to $88.425, 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.
F5. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $88.67 to $88.97, 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.
F6. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $84.71 to $85.69, 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.
F7. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $85.715 to $86.61, 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.

Key Figures

ADS sold: 62,585 ADS Transactions count: 6 transactions Price range (low): $84.71 per ADS +2 more

5 metrics

ADS sold 62,585 ADS Total shares sold across all reported transactions

Transactions count 6 transactions Number of reported open-market ADS sales

Price range (low) $84.71 per ADS Lowest trade price range noted in footnotes

Price range (high) $88.97 per ADS Highest trade price range noted in footnotes

Reported example price $86.107 per ADS Weighted average price for one sale on April 29, 2026

Key Terms

American Depositary Shares, weighted average price, open-market sale, derivative transaction

4 terms

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.

open-market sale financial

"transaction_action: "open-market sale""

An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.

derivative transaction financial

"derivativeTransactionCount": 6"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did KSPI director Vyacheslav Kim report?

Director Vyacheslav Kim reported open-market sales of American Depositary Shares. He sold 62,585 ADS of Joint Stock Co Kaspi.kz over two days, according to the Form 4 filing data.

How many Kaspi.kz (KSPI) ADS did the director sell?

The director sold a total of 62,585 American Depositary Shares. These sales were split across six reported transactions on April 28 and 29, 2026, as detailed in the Form 4 insider report.

At what prices were the KSPI ADS trades executed?

The reported prices are weighted averages for grouped trades. Footnotes disclose price ranges from about $84.71 to $88.97 per ADS, with each transaction’s column showing a single weighted average price.

Over what dates did the Kaspi.kz (KSPI) insider sales occur?

The insider sales occurred on April 28, 2026 and April 29, 2026. All six reported transactions in the Form 4 are dated on these two consecutive trading days for Kaspi.kz ADS.

What security did the Kaspi.kz director trade in this Form 4?

The director traded American Depositary Shares of Joint Stock Co Kaspi.kz. Each ADS, as explained in the footnotes, represents one underlying common share of the issuer with no par value.

How are the KSPI Form 4 prices for each transaction calculated?

Each reported price is a weighted average across multiple trades. Footnotes explain that the ADS were sold in numerous individual transactions within stated price ranges, producing the single weighted average reported per line.

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

Form 4 Insider Transactions: What Each Field Means →

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SEC Form 4

FORM 4

UNITED 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).

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)

ALMATY

050013

(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)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/28/2026

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

X	Form 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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)

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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
American Depositary Shares, no par value	⁽¹⁾	04/28/2026		S			22,128	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$85.799⁽²⁾	39,026,032	D
American Depositary Shares, no par value	⁽¹⁾	04/28/2026		S			8,879	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$87.021⁽³⁾	39,017,153	D
American Depositary Shares, no par value	⁽¹⁾	04/28/2026		S			1,773	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$87.784⁽⁴⁾	39,015,380	D
American Depositary Shares, no par value	⁽¹⁾	04/28/2026		S			625	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$88.885⁽⁵⁾	39,014,755	D
American Depositary Shares, no par value	⁽¹⁾	04/29/2026		S			14,966	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$85.317⁽⁶⁾	38,999,789	D
American Depositary Shares, no par value	⁽¹⁾	04/29/2026		S			14,214	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$86.107⁽⁷⁾	38,985,575	D

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 $85.21 to $86.15, 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 $86.49 to $87.4, 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 $87.5 to $88.425, 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 $88.67 to $88.97, 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 $84.71 to $85.69, 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.

7. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $85.715 to $86.61, 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 Kim	04/30/2026
	** 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 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