Kaspi.kz (KSPI) Director Kim Vyacheslav Sells ~$14.0M in ADSs

What Happened
Director Kim Vyacheslav executed a series of open‑market disposals of American Depositary Shares (ADSs) between Sept 10 and Sept 14, 2026. In total he sold 142,813 ADSs for aggregate proceeds of approximately $14.05 million. Individual transactions ranged from ~5,400 to ~37,000 ADSs at weighted‑average prices between about $97.32 and $100.63 per ADS. These sales are reported as derivative disposals (i.e., the ADSs were sold in connection with derivative holdings rather than a direct common‑share transfer).

Key Details

• Transaction dates: Sept 10, 11 and 14, 2026.
• Individual sales (date / shares / weighted avg price / proceeds):
  • 9/10: 36,984 ADSs @ $97.32 → $3,599,283 (F2)
  • 9/10: 35,004 ADSs @ $98.25 → $3,439,143 (F3)
  • 9/11: 25,437 ADSs @ $97.70 → $2,485,195 (F4)
  • 9/11: 6,821 ADSs @ $98.63 → $672,755 (F5)
  • 9/11: 5,695 ADSs @ $99.67 → $567,621 (F6)
  • 9/14: 9,740 ADSs @ $99.10 → $965,234 (F7)
  • 9/14: 17,729 ADSs @ $100.11 → $1,774,850 (F8)
  • 9/14: 5,403 ADSs @ $100.63 → $543,704 (F9)
• Total: 142,813 ADSs sold for ~$14.05 million.
• Shares owned after transaction: not disclosed in the summary provided.
• Footnotes: F1 confirms 1 ADS = 1 common share. F2–F9 note the reported prices are weighted averages across multiple trades and give the price ranges for those trades; the filer offers to provide per‑trade breakdowns on request.
• Filing/timeliness: Form filed Sept 14, 2026 reporting Sept 10–14 trades; no late‑filing flag indicated in the provided data.
• Exemption note: Because Kaspi.kz is a foreign private issuer, these transactions are exempt from Sections 16(b) and 16(c) of the Exchange Act (no short‑swing profit liability).

Context
These were sales (not purchases). Sales by insiders can be routine (diversification, tax planning, hedging or derivative settlements) and do not necessarily indicate a change in view about the company. The transactions are reported as derivative dispositions — meaning the ADSs sold were tied to derivative instruments (e.g., options or other derivative holdings) rather than a simple direct stock sale; the Form‑4 does not disclose the filer’s motivation. Retail investors should treat insider purchases as more informative of insider confidence than routine sales, and consider these trades alongside other company and market information.