Kim Vyacheslav 4

What Happened

• Director Kim Vyacheslav reported multiple open-market dispositions of American Depositary Shares (ADSs) of Joint Stock Co Kaspi.kz. Between July 29 and July 30, 2026 he sold a total of 22,362 ADSs for aggregate proceeds of approximately $1,964,651. Individual reported trades:
  • 2026-07-29: 7,237 ADSs at $87.30 each — $631,754
  • 2026-07-29: 5,616 ADSs at $88.13 each — $494,938
  • 2026-07-29: 1,739 ADSs at $88.91 each — $154,611
  • 2026-07-30: 6,167 ADSs at $87.79 each — $541,401
  • 2026-07-30: 1,603 ADSs at $88.55 each — $141,947
• These are sales (S) — routine dispositions rather than purchases (not a bullish signal).

Key Details

• Transaction dates: July 29–30, 2026; Form 4 filed July 31, 2026.
• Total sold: 22,362 ADSs for ~ $1,964,651.
• ADS = 1 common share (Footnote F1).
• Several trades report weighted-average prices with price ranges disclosed in footnotes (F2–F6) indicating the ADSs were sold in multiple executions at varying prices.
• Shares owned after the transactions: not specified in this filing.
• Issuer is a foreign private issuer; transactions are noted as exempt from Sections 16(b) and 16(c) of the Exchange Act (per filing remarks).

Context

• These were outright sales of ADSs (reported as derivative dispositions on the form). The filing provides weighted-average prices and price ranges but no explanation of motive — sales by insiders can be for many personal or portfolio reasons and do not by themselves signal company fundamentals.
• Retail investors should note this is insider selling (common and often routine); purchases generally carry more informational weight.