Kaspi.kz (KSPI) Deputy Chair Yuri Didenko Sells ADSs

What Happened

• Yuri Didenko, Deputy Chair (Capital Markets) of Joint Stock Co Kaspi.kz (KSPI), sold a total of 50,000 American Depositary Shares (ADSs) in multiple derivative/open‑market dispositions between Aug 17–19, 2026 for aggregate proceeds of $4,927,591.
• Breakdown by date: Aug 17 — 17,666 ADSs @ $98.75 ($1,744,518) and 400 ADSs @ $99.50 ($39,800) = $1,784,318; Aug 18 — 27,562 ADSs @ $98.33 ($2,710,171) and 1,600 ADSs @ $99.05 ($158,480) = $2,868,651; Aug 19 — 2,772 ADSs @ $99.07 ($274,622).
• These were reported as dispositions (S) of derivative securities (ADSs). Each ADS represents one common share of the issuer (Footnote F1).

Key Details

• Transaction dates/prices: Aug 17–19, 2026; weighted-average prices reported for lots; per-footnote price ranges span roughly $98.00–$99.69 across the trades (see footnotes F2–F6 for ranges and offer to provide per‑price breakdown on request).
• Shares owned after transaction: Not disclosed in the filing.
• Footnotes: ADS = one common share; price figures are weighted averages with transaction-level ranges provided in footnotes; reporting person offers to provide detailed per-price breakdown on request.
• Filing/timeliness: Form 4 filed Aug 19, 2026 reporting trades from Aug 17–19; the filing does not indicate lateness.
• Regulatory note: Because 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 are outright sales (dispositions) of ADSs rather than purchases or option exercises. Sales can be for many routine reasons (liquidity, portfolio rebalancing, taxes) and do not by themselves indicate the insider's view of the company.
• For retail investors tracking insider activity, purchases usually offer clearer affirmative signals than routine sales; note also the filing’s derivative labeling and ADS structure when comparing to common‑share trades.