Who Owns Kaspi.kz JSC Company?

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Who Really Owns Kaspi.kz?

Unraveling the Kaspi.kz JSC SWOT Analysis reveals not just its strengths and weaknesses but also the intricate web of its ownership. Understanding who controls a financial powerhouse like Kaspi.kz is critical for investors and anyone interested in the future of fintech. The company's journey, marked by a Nasdaq listing in January 2024, offers a fascinating case study in corporate ownership.

Kaspi.kz's evolution from a limited liability company to a joint-stock company, followed by its public listing, significantly reshaped its ownership structure. This exploration will uncover the key players behind Kaspi.kz, including its founders, major shareholders, and the impact of its public offering. Understanding the current owners of Kaspi.kz provides vital context for assessing its strategic direction and long-term potential.

The story of Kaspi.kz, a prominent Kazakhstani company, begins with its co-founders, Vyacheslav Kim and Mikheil Lomtadze. Understanding the early ownership structure provides crucial insights into the company's evolution and its current standing. This information is essential for anyone seeking to understand the dynamics of the company.

Vyacheslav Kim, a key figure in the company's foundation, serves as the chairman of the Board of Directors. Mikheil Lomtadze, the CEO, has also played a significant role since the early stages. Their collaboration has been instrumental in shaping the company into what it is today. This partnership is a core element of the Target Market of Kaspi.kz JSC.

The company's origins can be traced back to 2002 when Vyacheslav Kim acquired Kaspiyskiy Bank. This acquisition was a pivotal moment, setting the stage for the future development of Kaspi. In 2006, Baring Vostok, a private equity fund, invested in Kaspiyskiy, which led to Mikheil Lomtadze joining the management team in 2007. The company was rebranded as Kaspi in 2008.

Founders

Vyacheslav Kim and Mikheil Lomtadze co-founded Kaspi.kz.

Early Investment

Baring Vostok invested in Kaspiyskiy in 2006.

Key Roles

Kim serves as Chairman, and Lomtadze is the CEO.

Rebranding

Kaspiyskiy was rebranded as Kaspi in 2008.

Ownership in 2020

By June 2020, Kim held approximately 31% and Lomtadze held 25.9%.

Early Stakeholder

Kairat Satybaldy acquired a stake in 2015.

Ownership Dynamics

The ownership structure of Kaspi.kz has evolved over time, with key figures like Vyacheslav Kim and Mikheil Lomtadze holding significant shares. Other stakeholders, such as Kairat Satybaldy and Baring Vostok, also played crucial roles in the company's early years. Understanding the history of the company's ownership provides valuable context for analyzing its current position and future prospects. Kaspi.kz's ownership structure is a critical aspect of its financial backing and overall strategy.

• Who owns Kaspi.kz is a common question, with Kim and Lomtadze being central.
• Baring Vostok's investment was a significant early financial backing.
• Kairat Satybaldy's stake added another layer to the ownership structure.
• The transfer of shares between Kim and Lomtadze in 2018 reflects a long-standing business arrangement.

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The ownership structure of Kaspi.kz has evolved significantly since its inception. The company's journey includes key milestones such as its initial public offering (IPO) on the Kazakhstan Stock Exchange (KASE) in 2020, which raised approximately $290 million. This was followed by listings on the London Stock Exchange (LSE) and, most recently, the Nasdaq Global Select Market in January 2024. The Nasdaq listing, under the symbol 'KSPI,' marked a significant achievement, making it the first Kazakhstan-based company to list in the US and the third-largest IPO of the year at the time. This expansion into the US market highlights the company's growing international presence and its commitment to providing investment opportunities to a broader audience. To learn more about the company's background, you can read a brief history of Kaspi.kz JSC.

As of April 1, 2025, the company had 199,500,000 common shares outstanding, with 8,715,478 shares repurchased by the company. The total authorized common shares stand at 216,742,000 units, reflecting the company's capital structure and its ability to manage its share capital. These figures are crucial in understanding the current ownership distribution and the company's financial flexibility.

The major stakeholders in Kaspi.kz include its co-founders and institutional investors. As of June 2, 2025, Vyacheslav Kim holds 20.39% of the shares. While specific recent percentages for Mikheil Lomtadze and Baring Vostok were not found in the latest 2025 data, as of March 31, 2023, Baring Funds held 28.15% and Mikheil Lomtadze held 24.55%. Institutional investors hold a substantial portion of the company's stock, with approximately 49.67% owned by institutions and around 37.92% owned by insiders as of June 6, 2025. Key institutional shareholders include Baring Fintech Fund III Managers Ltd, Baring Fintech Manager Holding Ltd, Baillie Gifford & Co, and BlackRock, Inc., among others. The company's decision not to pay a final dividend for 2024 underscores its strategic focus on capital expenditure and expansion through new business initiatives.

Kaspi.kz Ownership Insights

Understanding the ownership structure of Kaspi.kz is crucial for investors and stakeholders.

• Key shareholders include Vyacheslav Kim, Mikheil Lomtadze, and Baring Vostok.
• Institutional investors hold a significant portion of the company's stock.
• The company's strategic decisions, such as dividend policies, reflect its growth strategy.
• The company's IPOs on multiple exchanges have broadened its investor base.

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As of November 19, 2024, the board of directors of Kaspi.kz JSC is composed of six members. The current board members include Vyacheslav Kim, Mikheil Lomtadze, Douglas Gardner, Szymon Gutkowski, Alina Prawdzik, and Zurab Nikvashvili. Zurab Nikvashvili joined the board in 2024, replacing N. Zinoviev. Vyacheslav Kim serves as the Chairman of the Board of Directors, while Mikheil Lomtadze holds the position of Chairman of the Management Board and CEO.

Understanding the Kaspi.kz ownership structure is key to grasping its operational dynamics. The board's composition reflects the strategic direction and governance of the company, influencing decisions related to financial backing and future investments. The presence of key figures like Kim and Lomtadze highlights the leadership's role in shaping the company's trajectory.

Regarding voting rights, the major Kaspi.kz shareholders typically have voting rights aligned with their common shares, following a one-share-one-vote principle. However, specific agreements, such as share pledge agreements, can alter these rights. In such cases, pledgees might exercise voting rights if a default occurs. Until then, the pledgor retains voting rights, provided they act in the pledgees' best interests. The company's annual general meetings are crucial, requiring shareholder approval for significant items such as financial statements and dividend distributions. The AGM scheduled for March 28, 2025, included the approval of the 2024 annual audited financial statements and the consideration of net income distribution and dividends.

Understanding Kaspi.kz Governance

The board of directors plays a crucial role in the strategic direction and governance of Kaspi.kz. The voting structure generally follows a one-share-one-vote system, with potential adjustments based on specific agreements. The annual general meetings are significant for shareholder approvals.

• The board consists of six members as of November 19, 2024.
• Vyacheslav Kim is the Chairman, and Mikheil Lomtadze is the CEO.
• Voting rights are typically one-share-one-vote.
• AGMs are held to approve financial statements and dividends.

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Over the past few years, Kaspi.kz has seen significant shifts in its ownership and strategic direction. A key development was its listing on the Nasdaq in January 2024, broadening its investor base. This occurred after the company de-listed its shares from the London Stock Exchange in March 2024, where it had been listed since 2020. These changes reflect the company's evolving financial landscape and its efforts to engage with a wider range of investors.

A major trend is the company's strategic acquisitions, especially its expansion into new markets. In January 2025, Kaspi.kz acquired a 65.41% stake in Hepsiburada, a Turkish e-commerce platform, for approximately $1.127 billion. This strategic move significantly increases Kaspi.kz's market reach and growth potential. Additionally, in March 2025, Kaspi.kz agreed to acquire Turkey-based Rabobank A.Ş. from the Netherlands-based Rabobank Group, a transaction described as non-material. These acquisitions highlight the company's focus on expansion and diversification.

Regarding share buybacks and dividends, Kaspi.kz bought back 8,715,478 common shares as of April 1, 2025. Shareholders approved a proposal not to pay a final dividend on ordinary shares for 2024, citing the need for capital expenditure and new business initiatives, including the Hepsiburada acquisition. The company had made three quarterly dividend payments of KZT850 ($1.70 U.S.) per share in 2024, totaling an estimated KZT509 billion ($1.0 billion U.S.).

Ownership Trends

Institutional ownership is growing, with over 300 institutional owners holding more than 93 million shares as of June 2025. This represents nearly half of the company's stock, indicating strong interest from major investment firms. This growth showcases the increasing confidence in Kaspi.kz's long-term strategy and financial performance.

Leadership Stability

Key figures like Vyacheslav Kim and Mikheil Lomtadze remain central to the company's leadership. Vyacheslav Kim, a co-owner, was cleared to acquire Jusan Bank in June 2025, although this is separate from Kaspi.kz. This stability provides continuity in strategic direction.

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