Kaspi.kz investor updates 19.7% ownership stake

Joint Stock Company Kaspi.kz has an updated large-shareholder disclosure from Vyacheslav Kim.

Rhea-AI Filing Summary

Joint Stock Company Kaspi.kz has an updated large-shareholder disclosure from Vyacheslav Kim. Kim beneficially owned 38,095,117 Common Shares (via the same number of ADSs) as of June 30, 2026, representing 20.0% of the outstanding Common Shares, based on 190,027,266 shares outstanding.

As of the filing date, Kim owns 37,486,685 Common Shares (via 37,486,685 ADSs), representing 19.7% of the outstanding Common Shares on the same 190,027,266-share base. He reports sole voting and sole dispositive power over these shares, with no shared voting or dispositive power.

Key Figures

Shares beneficially owned (June 30, 2026): 38,095,117 Common Shares Ownership percentage (June 30, 2026): 20.0% Shares beneficially owned (filing date): 37,486,685 Common Shares +3 more

6 metrics

Shares beneficially owned (June 30, 2026) 38,095,117 Common Shares Common Shares underlying 38,095,117 ADSs as of June 30, 2026

Ownership percentage (June 30, 2026) 20.0% Based on 190,027,266 Common Shares outstanding as of June 30, 2026

Shares beneficially owned (filing date) 37,486,685 Common Shares Common Shares underlying 37,486,685 ADSs as of the filing date

Ownership percentage (filing date) 19.7% Based on 190,027,266 Common Shares outstanding as of the filing date

Shares outstanding 190,027,266 Common Shares Outstanding Common Shares used as the base for percentage calculations

CUSIP 48581R205 CUSIP number for Kaspi.kz ADSs

Key Terms

American Depositary Shares, beneficially owned, sole voting power, sole dispositive power

4 terms

American Depositary Shares financial

"American Depositary Shares, each representing one Common Share, no par value"

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.

beneficially owned financial

"Amount beneficially owned: 38,095,117 Common Shares."

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

sole voting power financial

"Sole power to vote or to direct the vote: 38,095,117 Common Shares"

Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.

sole dispositive power financial

"Sole power to dispose or to direct the disposition of: 38,095,117"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

FAQ

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

What ownership stake does Vyacheslav Kim report in Kaspi.kz (KSPI)?

Vyacheslav Kim reports beneficial ownership of 37,486,685 Common Shares as of the filing date, equal to 19.7% of Kaspi.kz’s 190,027,266 outstanding Common Shares, all held through an equivalent number of ADSs.

How did Vyacheslav Kim’s Kaspi.kz (KSPI) holdings change from June 30, 2026 to the filing date?

Holdings decreased from 38,095,117 Common Shares (20.0%) on June 30, 2026 to 37,486,685 Common Shares (19.7%) as of the filing date, both calculated on 190,027,266 shares outstanding.

What percentage of Kaspi.kz (KSPI) does 38,095,117 shares represent?

As of June 30, 2026, 38,095,117 Common Shares represented 20.0% of Kaspi.kz’s class, based on 190,027,266 Common Shares outstanding on that date, all held via American Depositary Shares.

Does Vyacheslav Kim share voting or dispositive power over Kaspi.kz (KSPI) shares?

No. He reports sole voting power and sole dispositive power over his Kaspi.kz holdings, and 0 shares with shared voting or shared dispositive power, both on June 30, 2026 and on the filing date.

How are Vyacheslav Kim’s Kaspi.kz (KSPI) holdings held: shares or ADSs?

His position consists of American Depositary Shares, each representing one Common Share. He held 38,095,117 ADSs on June 30, 2026 and 37,486,685 ADSs as of the filing date, matching the number of underlying Common Shares.

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

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Accepted by SEC EDGAR 08/14/2026 - 05:55 PM EDT Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

Joint Stock Company Kaspi.kz

(Name of Issuer)

Common Shares, no par value American Depositary Shares, each representing one Common Share, no par value

(Title of Class of Securities)

48581R205

(CUSIP Number)

06/30/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 48581R205

1

Names of Reporting Persons

Vyacheslav Kim

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

KAZAKSTAN

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 38,095,117.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 38,095,117.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

38,095,117.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

20 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Joint Stock Company Kaspi.kz
(b)	Address of issuer's principal executive offices: 154A Nauryzbai Batyr Street Almaty, 050013, Kazakhstan
Item 2.
(a)	Name of person filing: Vyacheslav Kim
(b)	Address or principal business office or, if none, residence: c/o Joint Stock Company Kaspi.kz 154A Nauryzbai Batyr Street Almaty, 050013, Kazakhstan
(c)	Citizenship: See the response to Item 4 of the attached cover page.
(d)	Title of class of securities: Common Shares, no par value American Depositary Shares, each representing one Common Share, no par value
(e)	CUSIP No.: 48581R205
Item 4.	Ownership
(a)	Amount beneficially owned: 38,095,117 Common Shares. This amount reflects Common Shares underlying 38,095,117 ADSs held by the Reporting Person as of June 30, 2026. As of the date of the filing of this Amendment No. 2 (the "Filing Date"), the Reporting Person owns 37,486,685 Common Shares underlying 37,486,685 ADSs.
(b)	Percent of class: 20.0% as of June 30, 2026, based on 190,027,266 Common Shares outstanding as of such date. As of the Filing Date, the Reporting Person owns 19.7% of the Common Shares outstanding, based on 190,027,266 Common Shares outstanding as of such date.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 38,095,117 Common Shares as of June 30, 2026, and 37,486,685 Common Shares as of the Filing Date.
	(ii) Shared power to vote or to direct the vote: 0 Common Shares as of June 30, 2026 and as of the Filing Date.
	(iii) Sole power to dispose or to direct the disposition of: 38,095,117 Common Shares as of June 30, 2026, and 37,486,685 Common Shares as of the Filing Date.
	(iv) Shared power to dispose or to direct the disposition of: 0 Common Shares as of June 30, 2026 and as of the Filing Date.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.	Certifications:
	Not Applicable

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Vyacheslav Kim

Signature:	/s/ Vyacheslav Kim
Name/Title:	Vyacheslav Kim
Date:	08/14/2026