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Kaspi.kz (KSPI) director offloads 51,325 ADS at up to $93.655

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

Rhea-AI Filing Summary

Joint Stock Co Kaspi.kz director Vyacheslav Kim reported selling a total of 51,325 American Depositary Shares in five transactions on July 31 and August 3, 2026, at weighted average prices between $88.691 and $93.655 per ADS. The sales were made pursuant to a Rule 10b5-1 trading plan, and each ADS represents one common share.

Kaspi.kz is a foreign private issuer, so these equity transactions are exempt from Sections 16(b) and 16(c) of the Securities Exchange Act of 1934.

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Insights

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Insider Kim Vyacheslav
Role Director
Sold 51,325 shs ($4.70M)
Type Security Shares Price Value
Sale American Depositary Shares, no par value F1, F3 1,121 $90.76 $102K
Sale American Depositary Shares, no par value F1, F4 19,994 $92.061 $1.84M
Sale American Depositary Shares, no par value F1, F5 16,831 $93.116 $1.57M
Sale American Depositary Shares, no par value F1 213 $93.655 $20K
Sale American Depositary Shares, no par value F1, F2 13,166 $88.691 $1.17M
Holdings After Transaction: American Depositary Shares, no par value — 37,769,107 shares (Direct)
Footnotes (5)
  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 $88.14 to $89.11, 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 $90.50 to $91.11, 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 $91.61 to $92.54, 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 $92.635 to $93.61, 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.
Total ADS sold 51,325 ADS Total American Depositary Shares sold by director Vyacheslav Kim across five transactions
Jul 31, 2026 sale 13,166 ADS at $88.691 Weighted average price per ADS on July 31, 2026
Aug 3, 2026 sale 1 1,121 ADS at $90.760 Weighted average price per ADS in first August 3, 2026 transaction
Aug 3, 2026 sale 2 19,994 ADS at $92.061 Weighted average price per ADS in second August 3, 2026 transaction
Aug 3, 2026 sale 3 16,831 ADS at $93.116 Weighted average price per ADS in third August 3, 2026 transaction
foreign private issuer regulatory
"Due to the issuer's status as a foreign private issuer pursuant to Rule 3a12-3(b)..."
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 3a12-3(b) regulatory
"Due to the issuer's status as a foreign private issuer pursuant to Rule 3a12-3(b)..."
weighted average price financial
"The price reported in Column 8 is a weighted average price. These ADSs were sold..."
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.
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.

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FAQ

What insider transactions did Kaspi.kz (KSPI) report for Vyacheslav Kim?
Kaspi.kz director Vyacheslav Kim reported selling 51,325 American Depositary Shares of KSPI. The shares were disposed of in five transactions on July 31 and August 3, 2026, under a Rule 10b5-1 trading plan at weighted average prices between $88.691 and $93.655.

On what dates and price levels did Vyacheslav Kim sell Kaspi.kz (KSPI) ADS?
The ADS sales occurred on July 31, 2026, at a weighted average price of $88.691, and on August 3, 2026 at weighted average prices of $90.760, $92.061, $93.116, and $93.655 per ADS, across four separate trades.

How many Kaspi.kz (KSPI) ADS were sold in each reported transaction?
Vyacheslav Kim sold 13,166 ADS on July 31, 2026, then on August 3, 2026, he sold 1,121 ADS, 19,994 ADS, 16,831 ADS, and 213 ADS. Altogether, these five trades total 51,325 ADS sold.

Were Vyacheslav Kim’s Kaspi.kz (KSPI) insider sales made under a Rule 10b5-1 plan?
Yes. The filing indicates the trades were effected under a Rule 10b5-1 trading plan. Such plans allow pre-arranged trading of securities according to predetermined instructions, which can reduce the informational significance of the exact timing of the reported sales.

Are Kaspi.kz (KSPI) insider sales by Vyacheslav Kim subject to Section 16(b) rules?
No. Kaspi.kz qualifies as a foreign private issuer under Rule 3a12-3(b), so Kim’s equity transactions in the company’s securities are exempt from Sections 16(b) and 16(c) of the Securities Exchange Act of 1934, which govern certain short-swing profits.

What is the relationship between Kaspi.kz (KSPI) ADS and its common shares?
Each Kaspi.kz American Depositary Share (ADS) represents one common share of the issuer. Investors trading KSPI ADS are therefore getting economic exposure equivalent to holding one underlying Kaspi.kz common share for each ADS owned or traded.
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)
07/31/2026		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)07/31/2026S13,166 (1) (1)Common Shares, no par value(1)$88.691(2)37,807,266D
American Depositary Shares, no par value(1)08/03/2026S1,121 (1) (1)Common Shares, no par value(1)$90.76(3)37,806,145D
American Depositary Shares, no par value(1)08/03/2026S19,994 (1) (1)Common Shares, no par value(1)$92.061(4)37,786,151D
American Depositary Shares, no par value(1)08/03/2026S16,831 (1) (1)Common Shares, no par value(1)$93.116(5)37,769,320D
American Depositary Shares, no par value(1)08/03/2026S213 (1) (1)Common Shares, no par value(1)$93.65537,769,107D
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 $88.14 to $89.11, 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 $90.50 to $91.11, 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 $91.61 to $92.54, 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 $92.635 to $93.61, 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 Kim08/04/2026
** 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