Kaspi.kz (KSPI) director Vyacheslav Kim sells 47,008 ADS

Filing Impact

(Very High)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

Joint Stock Co Kaspi.kz director Vyacheslav Kim reported open-market sales of 47,008 American Depositary Shares (ADS). The sales took place on April 22 and 23 at reported weighted average prices in the mid‑$80s per ADS.

Each ADS represents one common share of Kaspi.kz. After these transactions, Kim continues to directly hold a stake of roughly 39.1 million ADS, indicating the sales are small compared with his overall reported position.

Insider Trade Summary 10b5-1

Net Seller: 47,008 shares ($4,054,125)

Net Sell 7 txns

Insider Kim Vyacheslav

Role null

Sold 47,008 shs ($4.05M)

Type	Security	Shares	Price	Value
Sale	American Depositary Shares, no par value	11,989	$84.923	$1.02M
Sale	American Depositary Shares, no par value	9,589	$85.741	$822K
Sale	American Depositary Shares, no par value	1,150	$86.325	$99K
Sale	American Depositary Shares, no par value	17,927	$86.727	$1.55M
Sale	American Depositary Shares, no par value	4,221	$87.749	$370K
Sale	American Depositary Shares, no par value	1,667	$88.649	$148K
Sale	American Depositary Shares, no par value	465	$89.50	$42K

Holdings After Transaction: American Depositary Shares, no par value — 39,115,333 shares (Direct, null)

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 $86.25 to $87.235, 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 $87.27 to $88.23, 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. The price reported in Column 8 is a weighted average price. These ADSs were purchased in multiple transactions at prices ranging from $88.3 to $89.25, 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. The price reported in Column 8 is a weighted average price. These ADSs were purchased in multiple transactions at prices ranging from $84.25 to $85.25, 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. The price reported in Column 8 is a weighted average price. These ADSs were purchased in multiple transactions at prices ranging from $85.2575 to $86.24, 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. The price reported in Column 8 is a weighted average price. These ADSs were purchased in multiple transactions at prices ranging from $86.29 to $86.415, 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: 47,008 ADS Sample sale price: $89.50 per ADS Another sale price: $84.923 per ADS +1 more

4 metrics

ADS sold 47,008 ADS Total open-market sales reported for April 22–23, 2026

Sample sale price $89.50 per ADS Weighted average price for one April 22, 2026 sale batch

Another sale price $84.923 per ADS Weighted average price for one April 23, 2026 sale batch

Direct holdings after a sale entry 39,104,594 ADS Directly owned ADS shown after one reported transaction

Key Terms

American Depositary Shares, open-market sale, weighted average price, Form 4, +1 more

5 terms

American Depositary Shares financial

"security_title: "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.

Form 4 regulatory

"INSIDER FILING DATA (Form 4):"

Form 4 is a official document that company insiders, such as executives or major shareholders, file with regulators whenever they buy or sell company shares. It provides transparency about how those with inside knowledge are trading, helping investors see if insiders are confident in the company's prospects or may be selling for personal reasons. This information can influence investor decisions by revealing insiders' perspectives on the company's value.

Form 4 Insider Transactions: What Each Field Means →

04/24/2026 - 07:56 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)
04/22/2026

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⁾	04/22/2026		S		17,927		⁽¹⁾	⁽¹⁾	American Depositary Shares, no par value	⁽¹⁾	$86.727⁽²⁾	39,133,675	D
American Depositary Shares, no par value	⁽¹⁾	04/22/2026		S		4,221		⁽¹⁾	⁽¹⁾	American Depositary Shares, no par value	⁽¹⁾	$87.749⁽³⁾	39,129,454	D
American Depositary Shares, no par value	⁽¹⁾	04/22/2026		S		1,667		⁽¹⁾	⁽¹⁾	American Depositary Shares, no par value	⁽¹⁾	$88.649⁽⁴⁾	39,127,787	D
American Depositary Shares, no par value	⁽¹⁾	04/22/2026		S		465		⁽¹⁾	⁽¹⁾	American Depositary Shares, no par value	⁽¹⁾	$89.5	39,127,322	D
American Depositary Shares, no par value	⁽¹⁾	04/23/2026		S		11,989		⁽¹⁾	⁽¹⁾	American Depositary Shares, no par value	⁽¹⁾	$84.923⁽⁵⁾	39,115,333	D
American Depositary Shares, no par value	⁽¹⁾	04/23/2026		S		9,589		⁽¹⁾	⁽¹⁾	American Depositary Shares, no par value	⁽¹⁾	$85.741⁽⁶⁾	39,105,744	D
American Depositary Shares, no par value	⁽¹⁾	04/23/2026		S		1,150		⁽¹⁾	⁽¹⁾	American Depositary Shares, no par value	⁽¹⁾	$86.325⁽⁷⁾	39,104,594	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 $86.25 to $87.235, 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 $87.27 to $88.23, 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.

4. The price reported in Column 8 is a weighted average price. These ADSs were purchased in multiple transactions at prices ranging from $88.3 to $89.25, 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.

5. The price reported in Column 8 is a weighted average price. These ADSs were purchased in multiple transactions at prices ranging from $84.25 to $85.25, 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.

6. The price reported in Column 8 is a weighted average price. These ADSs were purchased in multiple transactions at prices ranging from $85.2575 to $86.24, 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.

7. The price reported in Column 8 is a weighted average price. These ADSs were purchased in multiple transactions at prices ranging from $86.29 to $86.415, 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	04/24/2026
	** 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 transaction did Kaspi.kz (KSPI) disclose for Vyacheslav Kim?

Kaspi.kz disclosed that director Vyacheslav Kim sold 47,008 American Depositary Shares in open-market transactions. These trades occurred over two days and were reported on a Form 4 insider filing with detailed share counts and weighted average sale prices.

How many Kaspi.kz (KSPI) ADS did Vyacheslav Kim sell and at what prices?

Vyacheslav Kim sold a total of 47,008 Kaspi.kz American Depositary Shares. The Form 4 shows multiple sale batches with weighted average prices, including around $89.50, $88.649, $87.749, $86.727, $86.325, $85.741 and $84.923 per ADS, across April 22 and 23.

What is Vyacheslav Kim’s remaining Kaspi.kz (KSPI) holding after these sales?

After the reported sales, the filing shows Vyacheslav Kim directly holding about 39.1 million American Depositary Shares. Each ADS represents one common share of Kaspi.kz, so this figure reflects a very large continuing ownership stake despite the recent transactions.

What type of security did Vyacheslav Kim trade in the Kaspi.kz (KSPI) Form 4?

The transactions involved Kaspi.kz American Depositary Shares with no par value. Each ADS represents one common share of the issuer, allowing the director to trade the company’s equity on a market where ADSs are listed, as disclosed in the Form 4 filing.

How were the Kaspi.kz (KSPI) sale prices reported in the Form 4 footnotes?

The sale prices were reported as weighted averages for each batch of trades. Footnotes explain that the ADSs were sold in multiple transactions within specified price ranges, and that full trade-by-trade price details are available to the issuer, shareholders, or SEC staff upon request.