Kaspi.kz (KSPI) Director Vyacheslav Kim Sells 73,607 ADSs

What Happened
Director Vyacheslav Kim reported multiple open‑market/derivative sales of American Depositary Shares (ADSs) in Joint Stock Co Kaspi.kz (KSPI) on Sept 15–17, 2026. Across eight reported dispositions he sold a total of 73,607 ADSs for aggregate proceeds of approximately $7.27 million. Trades were executed on: Sept 15 (38,539 ADSs, ~$3.83M), Sept 16 (12,464 ADSs, ~$1.22M) and Sept 17 (22,604 ADSs, ~$2.22M). The filing lists these as derivative dispositions; footnotes show the per‑trade weighted average prices and ranges.

Key Details

• Transaction dates: Sept 15–17, 2026. Individual weighted-average prices reported per line (examples): $98.62, $99.67, $100.40, $97.66, $98.78, $99.43, $98.03, $98.63. Overall price range in footnotes: about $97.22 to $100.565.
• Total sold: 73,607 ADSs; total proceeds ≈ $7,270,979.
• Shares owned after transaction: not disclosed in the provided excerpt.
• Footnotes: F1 confirms each ADS = one common share; F2–F9 show the prices are weighted averages across multiple executions and provide specific price ranges per line (reporting person can supply per‑trade breakdown on request).
• Filing/timeliness: Form 4 filed Sept 17, 2026 covering trades through Sept 17; no late‑filing indication in the provided data.
• Exemption note: Because Kaspi.kz is a foreign private issuer, the filing states these transactions are exempt from Sections 16(b) and 16(c).

Context
These are sales (dispositions), not purchases—sales are common and do not by themselves signal management’s view of company prospects. The Form classifies the transactions as "Derivative" and reports ADS sales with weighted‑average prices; the filing does not state that these were option exercises, 10b5‑1 plan trades, or tax‑related transfers. Retail investors should treat this as insider selling activity (reducing holdings) but not infer motive from the filing alone.