Kaspi.kz (KSPI) director trims stake with 21,059 ADS open-market sales

Q: What type of security did Vyacheslav Kim trade in Kaspi.kz (KSPI)?

The transactions involved American Depositary Shares (ADS), no par value , representing Kaspi.kz common shares. A footnote specifies that each ADS represents one common share of the issuer, providing U.S.-listed exposure to the company’s equity.

Q: Do the Kaspi.kz (KSPI) Form 4 footnotes provide pricing details for the ADS trades?

Yes. Footnotes explain that the reported prices are weighted average prices for ADSs traded in multiple transactions within specified ranges, such as from $75.00 to $75.98 . Detailed per-trade pricing is available upon request from the reporting person.

Filing Impact

(High)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

Joint Stock Co Kaspi.kz director Vyacheslav Kim sold 21,059 American Depositary Shares (ADS) of the company in open-market transactions. The sales occurred on April 6–7, 2026 at weighted average prices of $75.021, $75.425, and $76.020 per ADS. After these transactions, Kim directly owned 39,402,338 ADS. Each ADS represents one common share of Kaspi.kz.

Insider Trade Summary 10b5-1

Net Seller: 21,059 shares ($1,587,770)

Net Sell 3 txns

Insider Kim Vyacheslav

Role Director

Sold 21,059 shs ($1.59M)

Type	Security	Shares	Price	Value
Sale	American Depositary Shares, no par value	1,798	$75.021	$135K
Sale	American Depositary Shares, no par value	19,057	$75.425	$1.44M
Sale	American Depositary Shares, no par value	204	$76.02	$16K

Holdings After Transaction: American Depositary Shares, no par value — 39,402,338 shares (Direct)

Footnotes (1)

Each American Depositary Share (ADS) represents one common share of the issuer. The price reported in Column 8 is a weighted average price. These ADSs were purchased in multiple transactions at prices ranging from $75.00 to $75.98, 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 purchased at each separate price within the range set forth in this footnote. The price reported in Column 8 is a weighted average price. These ADSs were purchased in multiple transactions at prices ranging from $75.00 to $75.09, 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 purchased at each separate price within the range set forth in this footnote.

Key Figures

ADS sold total: 21,059 ADS Sale price 1: $75.021 per ADS Sale price 2: $75.425 per ADS +3 more

6 metrics

ADS sold total 21,059 ADS Net shares sold across three open-market transactions

Sale price 1 $75.021 per ADS Weighted average price for 1,798 ADS on April 7, 2026

Sale price 2 $75.425 per ADS Weighted average price for 19,057 ADS on April 6, 2026

Sale price 3 $76.020 per ADS Weighted average price for 204 ADS on April 6, 2026

Holdings after trades 39,402,338 ADS Direct ownership after reported sales

ADS to common share ratio 1 ADS = 1 common share Relationship between ADS and issuer’s common shares

Key Terms

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

4 terms

American Depositary Shares financial

"American Depositary Shares, 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.

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.

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.

derivative transaction financial

""derivativeTransactionCount": 3"

Form 4 Insider Transactions: What Each Field Means →

04/08/2026 - 07:30 PM

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)
04/06/2026

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⁾	04/06/2026		S		19,057		⁽¹⁾	⁽¹⁾	American Depositary Shares, no par value	⁽¹⁾	$75.425⁽²⁾	39,404,340	D
American Depositary Shares, no par value	⁽¹⁾	04/06/2026		S		204		⁽¹⁾	⁽¹⁾	American Depositary Shares, no par value	⁽¹⁾	$76.02	39,404,136	D
American Depositary Shares, no par value	⁽¹⁾	04/07/2026		S		1,798		⁽¹⁾	⁽¹⁾	American Depositary Shares, no par value	⁽¹⁾	$75.021⁽³⁾	39,402,338	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 purchased in multiple transactions at prices ranging from $75.00 to $75.98, 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 purchased 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 purchased in multiple transactions at prices ranging from $75.00 to $75.09, 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 purchased 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	04/08/2026
	** 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

FAQ

What insider transactions did Kaspi.kz (KSPI) report for Vyacheslav Kim?

Kaspi.kz reported that director Vyacheslav Kim sold a total of 21,059 American Depositary Shares (ADS) in open-market transactions. The sales occurred on April 6–7, 2026 at weighted average prices around $75–$76 per ADS.

At what prices did Vyacheslav Kim sell Kaspi.kz (KSPI) ADS?

Vyacheslav Kim’s reported open-market sales were executed at weighted average prices of $75.021, $75.425, and $76.020 per ADS. Footnotes note these are averages over multiple trades within narrow price ranges around these levels.

How many Kaspi.kz (KSPI) shares does Vyacheslav Kim hold after these sales?

Following the reported transactions, Vyacheslav Kim directly owned 39,402,338 American Depositary Shares of Kaspi.kz. Each ADS represents one common share, so his direct position remains very large even after selling 21,059 ADS.

What type of security did Vyacheslav Kim trade in Kaspi.kz (KSPI)?

The transactions involved American Depositary Shares (ADS), no par value, representing Kaspi.kz common shares. A footnote specifies that each ADS represents one common share of the issuer, providing U.S.-listed exposure to the company’s equity.

Were Vyacheslav Kim’s Kaspi.kz (KSPI) trades open-market sales or private transactions?

The Form 4 classifies each transaction with code S and describes the action as an open-market sale or private transaction. The filing specifically characterizes them as sales, with the reporting person disposing of 21,059 ADS in total.

Do the Kaspi.kz (KSPI) Form 4 footnotes provide pricing details for the ADS trades?

Yes. Footnotes explain that the reported prices are weighted average prices for ADSs traded in multiple transactions within specified ranges, such as from $75.00 to $75.98. Detailed per-trade pricing is available upon request from the reporting person.