Director Vyacheslav Kim of Joint Stock Co Kaspi.kz (NASDAQ:KSPI) filed a Form 4 on October 26, 2026, disclosing ten separate sales of American Depositary Shares conducted between October 22 and October 26, 2026, pursuant to a Rule 10b5-1 trading plan.

Key Highlights

  • Reporting person: Vyacheslav Kim, listed as a Director of Joint Stock Co Kaspi.kz.
  • Securities sold: A combined 102,801 American Depositary Shares (ADS) disposed of across ten transactions over October 22-26, 2026.
  • Price range: Weighted average sale prices ranged from $90.08 to $92.79 per ADS across the ten reported transaction lines, with individual transaction ranges spanning as low as $89.53 and as high as $93.30, according to the filing's footnotes.
  • Rule 10b5-1 plan: The filing indicates transactions were made pursuant to a contract, instruction, or written plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).
  • Remaining ownership: Following all reported transactions, Kim directly held 36,184,558 common shares (each ADS representing one common share), according to the filing.
  • Foreign private issuer exemption: The filing notes that Kim's transactions are exempt from Sections 16(b) and 16(c) of the Securities Exchange Act of 1934 due to Kaspi.kz's status as a foreign private issuer under Rule 3a12-3(b).

Vyacheslav Kim's October 2026 ADS Dispositions at Kaspi.kz

According to the Form 4 filed on October 26, 2026, Director Vyacheslav Kim of Joint Stock Co Kaspi.kz sold American Depositary Shares across three trading days. On October 22, 2026, Kim disposed of 22,570 ADS at a weighted average price of $90.77, 12,213 ADS at $91.67, and 7,543 ADS at $92.68. The filing states that each of these prices is a weighted average, with the underlying individual transactions occurring within disclosed price ranges for each lot.

On October 23, 2026, four additional sale transactions were reported: 5,706 ADS at a weighted average of $90.12, 5,683 ADS at $91.01, 21,060 ADS at $92.14, and 1,151 ADS at $92.79. On October 26, 2026, three further sales occurred: 12,620 ADS at $90.08, 14,166 ADS at $90.84, and 89 ADS at $91.75. The filing notes that the reporting person undertakes to provide full information on the number of shares sold at each separate price within each range, upon request from the issuer, any security holder, or the SEC staff.

The filing identifies all dispositions as transaction code "S" (open-market sale) and confirms they were conducted under a Rule 10b5-1 plan. Each ADS represents one common share of the issuer, as stated in the filing's footnotes. Following all ten reported transactions, Kim's direct beneficial ownership stood at 36,184,558 common shares. The filing was signed by Yuri Didenko as attorney-in-fact for Vyacheslav Kim and dated October 26, 2026.

What Was Disclosed

Director Vyacheslav Kim disclosed ten open-market ADS sales in Joint Stock Co Kaspi.kz between October 22 and October 26, 2026, totaling 102,801 ADS sold under a Rule 10b5-1 plan, with direct beneficial ownership of 36,184,558 common shares remaining after the transactions.