Kim Vyacheslav 4

What Happened

• Kim Vyacheslav, a director of Joint Stock Co Kaspi.kz (KSPI), disposed of a total of 34,444 American Depositary Shares (ADSs) in open-market/ private sales reported as derivative transactions. The sales occurred July 27–28, 2026, and generated aggregate proceeds of approximately $2.98 million.
• Individual transactions reported: 16,705 ADSs at a weighted average $86.55 ($1,445,851); 785 ADSs at $87.27 ($68,504); 4,792 ADSs at $85.97 ($411,987); and 12,162 ADSs at $86.66 ($1,053,995). All transactions are coded “S” (sale/disposition).

Key Details

• Transaction dates: July 27 and July 28, 2026. Filing date: July 29, 2026 (appears timely under Form 4 rules).
• Total sold: 34,444 ADSs for total proceeds of ~$2,980,337.
• ADS detail: F1 notes each ADS represents one common share. F2–F5 disclose that reported prices are weighted averages and the individual trades occurred across the listed price ranges; the filer will provide per-price breakdowns on request.
• Transaction type: Reported as “Derivative” disposals (the Form 4 labels these as derivative transactions rather than direct open-market sales of previously held common stock).
• Regulatory note: Kaspi.kz is a foreign private issuer; the filing states these transactions are exempt from Sections 16(b) and 16(c) of the Exchange Act.

Context

• These were sales (S) — sales by insiders are common and do not, by themselves, indicate management’s view of the company’s prospects. The filing is informational; no 10b5-1 plan, tax withholding, or post-transaction holdings were disclosed in the provided excerpt.