SCHEDULE: Baring Fintech Group Discloses 7.3% Stake in Kaspi.kz
Beneficial Ownership Disclosure
A group of Baring Fintech entities, led by Asia Equity Partners Limited, has disclosed a 7.3% beneficial ownership stake in Joint Stock Co Kaspi.kz.
Summary
- Asia Equity Partners Limited (AEPL) and its affiliated entities, including Baring Fintech Nexus Limited, Baring Fintech Private Equity Fund III L.P.1, Baring Fintech Fund III (GP) LP, and Baring Fintech Fund III Managers Limited, collectively reported beneficial ownership of 13,870,945 American Depositary Shares (ADSs) of Joint Stock Co Kaspi.kz.
- This ownership represents 7.3% of the Issuer's outstanding common shares.
- The percentage is calculated based on 190,784,522 common shares outstanding as of September 30, 2025, as reported in Kaspi.kz's Form 6-K furnished on November 13, 2025.
- All reporting persons hold shared voting and shared dispositive power over the 13,870,945 ADSs.
- AEPL directly owns the ADSs, with control flowing through Baring Fintech Nexus Limited, Baring Fintech Private Equity Fund III L.P.1, Baring Fintech Fund III (GP) LP, and Baring Fintech Fund III Managers Limited in a hierarchical structure.
Sentiment
Score: 5
Explanation: StockSavvy.ai views this filing as neutral. It is a standard disclosure of beneficial ownership and does not contain new information regarding company performance, strategy, or significant changes in the reported stake that would alter sentiment.
Future Outlook
NA
Industry Context
StockSavvy.ai notes that this Schedule 13G filing is a routine disclosure of beneficial ownership by institutional investors. Kaspi.kz operates in the rapidly evolving fintech sector, particularly strong in Kazakhstan, offering a super-app platform. Significant institutional ownership, such as this stake by Baring Fintech-related entities, can signal long-term investor confidence in the company's market position and growth strategy within its regional context.
Related Party Transactions
- The filing details a hierarchical control structure where Asia Equity Partners Limited (AEPL) directly owns the shares, and its beneficial ownership is attributed to Baring Fintech Nexus Limited (BFNL), Baring Fintech Private Equity Fund III L.P.1, Baring Fintech Fund III (GP) LP, and Baring Fintech Fund III Managers Limited, due to their controlling relationships over AEPL and each other.
Stakeholder Impact
- Shareholders: Provides transparency regarding significant institutional ownership, which can be a factor in market perception and stability.
- Management: Awareness of a substantial institutional shareholder group and their collective voting and dispositive power.
Key Dates
| Date | Description |
|---|---|
| 2025-09-30 | Date as of which 190,784,522 common shares of the Issuer were outstanding, used for percentage calculation. |
| 2025-11-13 | Date Kaspi.kz furnished its Form 6-K with interim condensed consolidated financial information for the nine months ended September 30, 2025. |
| 2025-12-31 | Date of event which requires the filing of this Schedule 13G statement. |
| 2026-02-13 | Date of signing and filing of the Schedule 13G Amendment No. 2 and the Joint Filing Agreement. |
Keywords
Kaspi.kz, KASPI, American Depositary Shares, ADSs, Beneficial Ownership, Schedule 13G, Baring Fintech, Asia Equity Partners, Fintech, Kazakhstan
Disclaimer:The information provided here is for general informational purposes only and does not constitute financial advice, recommendation, or endorsement of any kind. It may contain errors or omissions. You should not rely on this information to make financial decisions. Always seek the advice of a qualified financial professional before making any investment or financial decisions. Use of this information is at your own risk.