Kaspi.kz (KSPI) Director Kim Vyacheslav Sells ADSs

What Happened

• Director Kim Vyacheslav reported multiple sales of Joint Stock Co Kaspi.kz American Depositary Shares (ADSs) between Sept 23–25, 2026. In total he disposed of 72,270 ADSs for proceeds of approximately $6,895,698. Sales were reported as dispositions of derivative securities and executed in multiple transactions at weighted-average prices ranging roughly from $93.42 to $96.92.

Key Details

• Transaction breakdown (date — shares — weighted avg price — proceeds):
  • 2026-09-23 — 19,708 ADSs @ $93.98 — $1,852,158
  • 2026-09-23 — 4,863 ADSs @ $94.92 — $461,596
  • 2026-09-23 — 866 ADSs @ $96.07 — $83,197
  • 2026-09-24 — 27,003 ADSs @ $96.92 — $2,617,131
  • 2026-09-24 — 1,313 ADSs @ $93.60 — $122,897
  • 2026-09-25 — 1,913 ADSs @ $93.42 — $178,712
  • 2026-09-25 — 6,893 ADSs @ $94.55 — $651,733
  • 2026-09-25 — 9,711 ADSs @ $95.59 — $928,274
• ADS definition: 1 ADS = 1 common share (footnote F1).
• Weighted-average prices and per-transaction price ranges are provided in filing footnotes (F2–F9); the filer offers to supply the per-price breakdown on request to the issuer, shareholders, or the SEC.
• Shares owned after the transactions are not stated in the supplied summary of the filing.
• Filing date: 2026-09-25 reporting transactions dated 2026-09-23 through 2026-09-25; the filing appears to have been made promptly.
• The issuer is a foreign private issuer; the filing notes transactions are exempt from Sections 16(b) and 16(c) of the Exchange Act (so short-swing profit rules do not apply).

Context

• These are sales (dispositions) — sales are common and do not by themselves indicate the director’s view of the company. The transactions are reported as "Derivative" dispositions; the Form 4 does not specify whether the disposals resulted from option exercises, conversions or other derivative mechanics, only that ADSs were sold in multiple trades.
• For retail investors: purchases by insiders tend to be more informative than routine sales. This filing documents a significant, but not uncommon, insider sell-off over three days.