Kim Vyacheslav 4

What Happened
Kim Vyacheslav, a director of Joint Stock Co Kaspi.kz (KSPI), made open‑market acquisitions of American Depositary Shares (ADSs) on March 25–26, 2026. Transactions reported: 21,572 ADSs at a weighted average $75.70 ($1,632,979), 3,562 ADSs at $76.12 ($271,132), and 7,884 ADSs at $75.12 ($592,247), totaling 33,018 ADSs for about $2.50 million. These are purchases (acquisitions), which retail investors often view as a more informative signal than routine sales.

Key Details

• Dates and reported prices:
  • 2026-03-25: 21,572 ADSs @ $75.70 = $1,632,979 (weighted average; price range per footnote F2: $75.00–$76.00)
  • 2026-03-25: 3,562 ADSs @ $76.12 = $271,132 (weighted average; price range per footnote F3: $76.01–$76.34)
  • 2026-03-26: 7,884 ADSs @ $75.12 = $592,247 (weighted average; price range per footnote F4: $75.00–$75.535)
• Total acquired: 33,018 ADSs for approximately $2,496,358.
• Shares owned after transaction: Not disclosed in the Form 4 filing.
• Footnotes: Each ADS represents one common share (F1). Reported prices are weighted averages across multiple trades; the filer can provide a breakdown of quantities at each individual price on request (F2–F4).
• Timeliness and filing: Form 4 was filed on 2026-03-27 covering trades on Mar 25–26; no late filing indicator was shown.
• Regulatory note: Because Kaspi.kz is a foreign private issuer (Rule 3a12-3(b)), these transactions are exempt from Sections 16(b) and 16(c) of the Exchange Act (per the filing remarks).

Context
These entries are acquisitions of ADSs (each ADS = one common share). The filing lists the transactions as derivative-type acquisitions in the report format, but the substance reported is open‑market purchases of ADSs at the prices/ranges noted. The weighted‑average prices reflect multiple trades; see footnotes for the price ranges. As always, purchases by insiders are factual signals of buying activity but do not by themselves explain motivation.