Announcement of Extraordinary General Meeting Results

Rhea-AI Summary

On May 23, 2024, Joint Stock Company Kaspi.kz (Nasdaq: KSPI) announced the resolutions passed at its Extraordinary General Meeting held on May 22, 2024. The key resolutions included the approval of the meeting agenda and the payment of dividends. A dividend of KZT 850 per common share will be paid for the first quarter of 2024. The dividend payment will commence on May 22, 2024, to shareholders recorded as of May 21, 2024. Payments will be made in cash via wire transfers to shareholders' accounts.

Positive

• Dividend of KZT 850 per common share approved for 1Q 2024.
• Commencement date for dividend payments set for May 22, 2024.
• Clear procedure for dividend payments via wire transfers.

Negative

• No information on company's overall financial performance for 1Q 2024.
• Lack of detailed long-term strategic insights or future business plans.

Insights

Financial Analyst

Kaspi.kz announced the approval of dividends at their Extraordinary General Meeting. The dividend amount is set at KZT 850 per common share, which is a notable development for shareholders. For retail investors, this announcement is significant mainly due to the potential immediate return on their investment via these dividends.

The dividend payment, slated for commencement on May 22, 2024, indicates the company's strong cash flow and willingness to reward shareholders. This suggests a positive short-term outlook and could potentially increase investor confidence. However, it's important to also look at the company's long-term sustainability and whether such generous dividends might affect future growth investments.

With a high dividend, investors might wonder if the company is reinvesting enough in its own growth. It could signal maturity in the business, meaning fewer opportunities for organic growth. Still, for those seeking steady income rather than capital appreciation, this can be viewed positively.

Given the current rate, the dividend yield can be calculated based on the stock price. If KSPI stock price is, for instance, KZT 11,000, the dividend yield would be around 7.73%, which is quite attractive in the current market environment.

Overall, this news has a positive outlook for immediate returns, though one must remain mindful of the long-term implications.

Market Research Analyst

The approved dividend indicates that Kaspi.kz is in a solid financial position, which could enhance its market standing. For retail investors, this move not only underscores the company’s profitability but also its strategy to return earnings to shareholders directly, thereby potentially boosting shareholder value and loyalty.

In the context of market perception, consistent dividend payments often lead to a positive outlook as they reinforce confidence in the company's ongoing performance and stability. This could also draw in dividend-focused investors, potentially increasing demand for the stock and driving up its price.

However, the market is also likely to scrutinize what this decision means for the company's growth prospects. While dividends are appealing, they could also mean fewer funds allocated towards reinvestment and expansion, which could impact long-term growth.

Investors should consider how this aligns with their investment goals. For those looking for steady returns, this is encouraging news. For those seeking growth, it might call for a closer examination of the company’s future earnings and reinvestment plans.

ALMATY, Kazakhstan, May 23, 2024 (GLOBE NEWSWIRE) -- Joint Stock Company Kaspi.kz (Nasdaq: KSPI) announces that the following resolutions were duly passed at its Extraordinary General Meeting on 22 May 2024:

1. To approve the agenda of the Extraordinary General Meeting of Shareholders of JSC Kaspi.kz:
   1) Approval of the agenda;
   2) Payment of dividends on common shares of JSC Kaspi.kz and approval of the amount of dividend per common share.
2. To approve dividends to be paid within the period set by law:
   1) dividend amount of KZT 850 (eight hundred and fifty tenge) per common share of JSC Kaspi.kz;
   2) dividend is paid for period 1Q 2024;
   3) commencement date of dividend payments: 22 May 2024;
   4) the list of shareholders entitled to receive the dividend based on 21 May 2024 date of record;
   5) procedure and form of dividend payments: to be paid in cash by wire transfers to accounts of shareholders.

For further information

David Ferguson, david.ferguson@kaspi.kz +44 7427 751 275

 

FAQ

What was the outcome of the Kaspi.kz Extraordinary General Meeting on May 22, 2024?

The meeting approved the agenda and the payment of dividends for 1Q 2024.

How much dividend will Kaspi.kz pay for 1Q 2024?

KSPI will pay a dividend of KZT 850 per common share for 1Q 2024.

When will Kaspi.kz commence dividend payments for 1Q 2024?

Kaspi.kz will start dividend payments on May 22, 2024.

Who is eligible to receive the 1Q 2024 dividend from Kaspi.kz?

Shareholders recorded as of May 21, 2024, are eligible to receive the dividend.

How will Kaspi.kz pay the 1Q 2024 dividend?

The dividend will be paid in cash via wire transfers to shareholders' accounts.