SCHEDULE: Baring Fintech Group Discloses 8.5% Kaspi.kz Stake

A group of Baring Fintech entities disclosed a passive beneficial ownership of 8.5% in Joint Stock Co Kaspi.kz, totaling 16,308,056 American Depositary Shares.

Summary

• Asia Equity Partners Limited (AEPL), 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 (collectively, the "Reporting Persons") have filed an Amendment No. 1 to their Schedule 13G.
• The Reporting Persons collectively beneficially own 16,308,056 American depositary shares (ADSs) of Joint Stock Co Kaspi.kz.
• This ownership represents 8.5% of the outstanding common shares of Kaspi.kz.
• The percentage is based on 190,784,522 common shares of the Issuer outstanding as of March 31, 2025, as reported in Kaspi.kz's interim condensed consolidated financial information furnished with the SEC on May 16, 2025.
• AEPL directly owns the 16,308,056 ADSs.
• BFNL is the controlling shareholder of AEPL, BF Fund III L.P.1 is the controlling shareholder of BFNL, BF Fund III (GP) LP is the general partner of BF Fund III L.P.1, and BF Fund III ML is the general partner of BF Fund III (GP) LP, establishing a chain of beneficial ownership.
• All Reporting Persons share voting and dispositive power over the 16,308,056 ADSs.

Sentiment

Score: 5

Explanation: The filing is a routine disclosure of beneficial ownership, which is neutral in sentiment. It provides factual information without indicating positive or negative developments for the company's operations or financial performance.

Future Outlook

NA

Industry Context

This filing reflects the continued interest of institutional investors, specifically private equity funds focused on fintech, in emerging market financial technology companies like Kaspi.kz. Kaspi.kz operates a leading super app in Kazakhstan, integrating payments, marketplace, and fintech services, which aligns with global trends towards digital ecosystems.

Stakeholder Impact

• Shareholders: Provides transparency regarding significant institutional ownership, potentially signaling confidence from a major investor group.
• Investment Professionals: Offers updated data on institutional holdings, which can influence investment strategies and market perception.

Key Dates

Keywords

Kaspi.kz, Fintech, Kazakhstan, American Depositary Shares, ADSs, Beneficial Ownership, Schedule 13G, Institutional Investor, Baring Fintech, Equity Stake