Kaspi.kz (KSPI) director trims stake with 41,474 ADS open-market sales

Filing Impact

(Very High)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

Joint Stock Co Kaspi.kz director Vyacheslav Kim sold 41,474 American Depositary Shares (ADS) of the company in open-market transactions. The trades took place on June 12 and June 15 at weighted average prices generally in the $80–$83 per ADS range.

Each ADS represents one common share of Kaspi.kz. The filing describes multiple individual sales across price ranges, and indicates that Kim continues to hold a direct ADS position after these transactions.

Insider Trade Summary 10b5-1

Net Seller: 41,474 shares ($3,406,280)

Net Sell 5 txns

Insider Kim Vyacheslav

Role null

Sold 41,474 shs ($3.41M)

Type	Security	Shares	Price	Value
Sale	American Depositary Shares, no par value	19,301	$83.10	$1.60M
Sale	American Depositary Shares, no par value	154	$83.60	$13K
Sale	American Depositary Shares, no par value	8,525	$80.58	$687K
Sale	American Depositary Shares, no par value	12,133	$81.64	$991K
Sale	American Depositary Shares, no par value	1,361	$82.30	$112K

Holdings After Transaction: American Depositary Shares, no par value — 38,277,461 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 sold in multiple transactions at prices ranging from $80.05 to $80.99, 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. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $81.21 to $82.19, 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. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $82.215 to $82.37, 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. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $82.5 to $83.43, 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.

Key Figures

ADS sold: 41,474 ADS June 15 sale sizes: 154 ADS and 19,301 ADS June 12 sale sizes: 1,361; 12,133; 8,525 ADS +3 more

6 metrics

ADS sold 41,474 ADS Total net shares sold across all reported transactions

June 15 sale sizes 154 ADS and 19,301 ADS Two open-market sales on June 15, 2026

June 12 sale sizes 1,361; 12,133; 8,525 ADS Three open-market sales on June 12, 2026

Reported prices $80.58–$83.60 per ADS Individual transaction prices listed in the table

Footnote price range (low) $80.05–$80.99 per ADS Weighted average price range for one sale group

Footnote price range (high) $82.5–$83.43 per ADS Weighted average price range for another sale group

Key Terms

American Depositary Shares, weighted average price, open-market sale, derivativeTransactionCount

4 terms

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.

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.

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.

derivativeTransactionCount financial

"derivativeTransactionCount: 5"

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 06/16/2026 - 08:33 PM Accepted by SEC EDGAR 06/16/2026 - 08:32 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

50,013

(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)
06/12/2026

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⁾	06/12/2026		S			8,525	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$80.58⁽²⁾	38,310,256	D
American Depositary Shares, no par value	⁽¹⁾	06/12/2026		S			12,133	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$81.64⁽³⁾	38,298,123	D
American Depositary Shares, no par value	⁽¹⁾	06/12/2026		S			1,361	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$82.3⁽⁴⁾	38,296,762	D
American Depositary Shares, no par value	⁽¹⁾	06/15/2026		S			19,301	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$83.1⁽⁵⁾	38,277,461	D
American Depositary Shares, no par value	⁽¹⁾	06/15/2026		S			154	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$83.6	38,277,307	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 sold in multiple transactions at prices ranging from $80.05 to $80.99, 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 $81.21 to $82.19, 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 $82.215 to $82.37, 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 $82.5 to $83.43, 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 Kim	06/16/2026
	** 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 did Kaspi.kz (KSPI) director Vyacheslav Kim report in this Form 4?

Director Vyacheslav Kim reported open-market sales of 41,474 American Depositary Shares (ADS) of Kaspi.kz. These sales were executed over two trading days at weighted average prices in the low-$80 range per ADS, according to the Form 4 filing.

How many Kaspi.kz (KSPI) ADS did Vyacheslav Kim sell and on which dates?

Vyacheslav Kim sold a total of 41,474 Kaspi.kz American Depositary Shares. The transactions occurred on June 12 and June 15, 2026, across several individual trades, as disclosed in the Form 4 insider transaction report.

At what prices were the Kaspi.kz (KSPI) ADS sold by Vyacheslav Kim?

The reported weighted average sale prices ranged roughly from about $80 to $83 per ADS. Footnotes note that individual trades occurred within ranges such as $80.05–$80.99 and $82.5–$83.43, with full price breakdowns available on request.

Does the Kaspi.kz (KSPI) Form 4 show if Vyacheslav Kim still holds shares after the sales?

Yes, the Form 4 indicates that Vyacheslav Kim continues to hold a direct ADS position after the reported sales. The filing lists post-transaction share balances for each trade, confirming ongoing ownership of Kaspi.kz American Depositary Shares.

What does it mean that Kaspi.kz (KSPI) ADS sales used weighted average prices?

Weighted average prices mean each reported price is an average across multiple trades executed within a price range. The filing states ADS were sold in numerous transactions between specific price bounds, with detailed per-trade data available from the reporting person upon request.