Kaspi.kz Director Vyacheslav Kim Sells $4.69M in ADSs Under Rule 10b5-1 Plan

Executive Summary

On November 3, 2026, Kaspi.kz director Vyacheslav Kim reported open market sales totaling 50,700 American Depositary Shares (ADSs) across three trading sessions (October 30, November 2, and November 3, 2026). The sales were executed at a volume-weighted average price of approximately $92.58, resulting in total gross proceeds of approximately $4.69 million.

Transaction Breakdown

• October 30, 2026: 23,657 ADSs sold in multiple tranches at prices ranging between $90.58 and $93.72, generating ~$2.18M.
• November 2, 2026: 13,902 ADSs sold across two tranches at weighted average prices of $93.19 and $93.82, generating ~$1.30M.
• November 3, 2026: 13,141 ADSs sold across two tranches at weighted average prices of $92.30 and $93.54, generating ~$1.21M.

Key Context & Ownership Impact

• 10b5-1 Plan Adoption: The filing confirms the transactions were adopted pursuant to a pre-scheduled Rule 10b5-1 trading plan.
• Position Retention: Following these transactions, Kim still directly holds 36,085,874 ADSs, valued at over $3.3 billion at current price levels. The sold shares represent less than 0.15% of his total holdings.
• Significance Evaluation: While the absolute dollar volume of ~$4.69M is sizable, the combination of Rule 10b5-1 scheduling and negligible reduction of the insider's multi-billion-dollar holding keeps overall trading significance at Medium.