Kaspi.kz Director Vyacheslav Kim Sells $12.01M in ADSs Under Rule 10b5-1 Plan

Executive Summary

Joint Stock Co Kaspi.kz (NASDAQ: KSPI) Director Vyacheslav Kim disposed of a total of 115,485 American Depositary Shares (ADSs) across multiple tranches between September 4, 2026, and September 9, 2026, generating aggregate gross proceeds of approximately $12.01 million. The transactions were executed pursuant to a Rule 10b5-1 trading plan.

Transaction Details

• Security: American Depositary Shares, no par value (each representing one common share)
• Dates of Sale: September 4, 2026; September 8, 2026; September 9, 2026
• Total Shares Sold: 115,485 ADSs
• Price Range: $99.685 to $108.97 (Weighted average: ~$103.98)
• Total Transaction Value: $12,007,826.98
• Ownership Post-Transaction: 36,973,795 ADSs directly held

Strategic & Market Context

While the total transaction value is significant at $12.01M, the volume represents a tiny fraction (approximately 0.31%) of Kim's massive direct holding of over 36.97 million shares/ADSs. Executed under a pre-established Rule 10b5-1 trading plan, this disposal appears to be standard programmatic liquidity rather than a discretionary shift in sentiment.