Kaspi.kz (KSPI) Director Vyacheslav Kim Sells 115,485 ADSs

What Happened
Vyacheslav Kim, a director of Joint Stock Co Kaspi.kz (KSPI), sold a total of 115,485 American Depositary Shares (ADSs) in multiple open-market derivative dispositions between Sep 4 and Sep 9, 2026, generating approximately $12.0 million in proceeds. Transactions were reported as derivative dispositions (each ADS represents one common share per the filing). Sales occurred across several trades at weighted-average prices ranging roughly from ~$100.09 to ~$108.60 depending on the trade dates and footnote ranges.

Key Details

• Transaction dates: Sep 4, 2026; Sep 8, 2026; Sep 9, 2026.
  • Sep 4: 18,164 ADSs for ~$1.96M (prices reported $107.51 and $108.19).
  • Sep 8: 31,574 ADSs for ~$3.38M (prices reported $106.33, $107.18, $108.29).
  • Sep 9: 65,747 ADSs for ~$6.67M (multiple sales priced between ~$100.09–$106.49).
• Total: 115,485 ADSs sold for roughly $12,007,826 in aggregate.
• Shares owned after transaction: Not specified in the provided excerpt — check the full Form 4 for post-sale holdings.
• Footnotes: F1 confirms 1 ADS = 1 common share. Multiple footnotes (F2–F13 and others) note that reported prices are weighted averages and provide the price ranges for the underlying multiple trades; the filer offers to supply a breakdown by individual trade price on request.
• Filing: Form 4 filed Sep 9, 2026 covering trades Sep 4–9, 2026; the excerpt does not indicate a late-filing flag.
• Type: Sales (S) — a disposition, not a purchase. Sales are common and do not by themselves indicate insider sentiment.

Context
These are derivative dispositions of ADSs (per the filing) and were executed across multiple transactions and price points; the footnotes provide ranges and weighted averages rather than single prices. The filing also notes Kaspi.kz's status as a foreign private issuer, and the reporting person’s transactions are exempt from Sections 16(b) and 16(c) of the Exchange Act. For a complete view (including post-transaction ownership and any additional disclosures), review the full Form 4 filing on the SEC EDGAR site.