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Kaspi.kz Approves Dividend Payments and Major Transactions at Extraordinary General Meeting

Quiver Quantitative ·  11/20 20:13

Kaspi.kz announces resolutions on dividends, Board changes, and a major transaction following an Extraordinary General Meeting.

Quiver AI Summary

Kaspi.kz announced the resolutions passed during its Extraordinary General Meeting held on November 19, 2024. Key decisions included approving KZT 850 per common share in dividends for the third quarter of 2024, with payments commencing on the same day as the meeting, and the list of eligible shareholders based on a record date of November 18, 2024. The company also amended its Charter and accepted the resignation of Board member Nikolay Zinovyev, electing Zurab Nikvashvili as his replacement. Additionally, the company approved revised terms for Board member remuneration and sanctioned a major transaction involving the acquisition of significant shares in D-Market Elektronik Hizmetler ve Ticaret A.Ş. from Turkey.

Potential Positives

  • Approval of dividends on common shares, providing shareholders with a direct return on their investment, which may enhance investor confidence.
  • Election of a new independent Board Member, which may strengthen corporate governance and decision-making processes.
  • Approval of a major acquisition of shares in D-Market Elektronik Hizmetler ve Ticaret A.Ş., potentially expanding the company's market presence and operational capabilities.

Potential Negatives

  • Approval of a major transaction, potentially increasing risk exposure by acquiring significant shares in D-Market Elektronik Hizmetler ve Ticaret A.Ş., which may raise concerns about the company's financial leverage and strategic direction.
  • Resignation of a Board Member, which may indicate potential instability or issues within the company's leadership.
  • Revised terms of remuneration for Board Members, which could raise questions regarding governance practices and shareholder interests.

FAQ

What resolutions were passed at the Kaspi.kz Extraordinary General Meeting?

Resolutions included dividend payments, approval of the amended Charter, Board Member election, and details on a major transaction.

When will dividend payments be made to shareholders?

Dividend payments commenced on 19 November 2024, based on the record date of 18 November 2024.

What is the approved amount of dividends per common share?

The approved dividend amount is KZT 850 (eight hundred and fifty tenge) per common share.

Who was elected to the Board of Directors of Kaspi.kz?

Mr. Zurab Nikvashvili was elected as an independent member of the Board of Directors.

What major transaction did Kaspi.kz approve?

Kaspi.kz approved acquiring significant shares in D-Market Elektronik Hizmetler ve Ticaret A.Ş. in Turkey.

Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.


$KSPI Hedge Fund Activity

We have seen 87 institutional investors add shares of $KSPI stock to their portfolio, and 87 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

  • BAILLIE GIFFORD & CO added 1,305,625 shares (+39.0%) to their portfolio in Q3 2024
  • GREENVALE CAPITAL LLP added 1,100,000 shares (+inf%) to their portfolio in Q3 2024
  • ABRDN PLC removed 731,531 shares (-30.7%) from their portfolio in Q3 2024
  • FMR LLC removed 522,216 shares (-26.7%) from their portfolio in Q3 2024
  • CAPITAL WORLD INVESTORS removed 418,064 shares (-100.0%) from their portfolio in Q3 2024
  • WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC removed 386,199 shares (-100.0%) from their portfolio in Q3 2024
  • GOLDMAN SACHS GROUP INC removed 347,085 shares (-81.5%) from their portfolio in Q3 2024

To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.

Full Release



ALMATY, Kazakhstan, Nov. 20, 2024 (GLOBE NEWSWIRE) -- Joint Stock Company Kaspi.kz (Nasdaq: KSPI) announces that the following resolutions were duly passed at its Extraordinary General Meeting on 19 November 2024:




  1. To approve the agenda of the Extraordinary General Meeting of Shareholders of JSC Kaspi.kz:
    1) Approval of the agenda;
    2) Payment of dividends on common shares of JSC Kaspi.kz and approval of the amount of dividend per common share;
    3) Approval of amended Charter of JSC Kaspi.kz;
    4) Election of the Board Member due to resignation of one of the Board Members;
    5) Approval of the amount and terms of remuneration and reimbursement of expenses of the Board Members incurred while performing Board Member's duties;
    6) On entering into a major transaction (and the Company's participation in the activities of a legal entity), as a result of which the Company acquires or alienates (may acquire or alienate) property, the value of which is 50 percent or more of the total book value of the Company's assets.


  2. To approve dividends to be paid within the period set by law:
    1) dividend amount of KZT 850 (eight hundred and fifty tenge) per common share of JSC Kaspi.kz;
    2) dividend is paid for period 3Q 2024;
    3) commencement date of dividend payments: 19 November 2024;
    4) the list of shareholders entitled to receive the dividend based on 18 November 2024 date of record;
    5) procedure and form of dividend payments: to be paid in cash by wire transfers to accounts of shareholders.


  3. To approve amended Charter of JSC Kaspi.kz and authorize any Member of the Management Board to sign, notarize and notify a registration authority of the amended Charter.


  4. To take note of the resignation letter given by Mr. Nikolay Zinovyev as a member of the Board of Directors of JSC Kaspi.kz, and elect Mr. Zurab Nikvashvili to the Board of Directors of JSC Kaspi.kz as an independent member with the same term of office as other Board members starting from 19 November 2024.


  5. To approve the revised terms of remuneration and reimbursement of the expenses of JSC Kaspi.kz's Members of the Board of Directors incurred while performing their duties.


  6. To conclude a major transaction by acquiring Class A Shares of 40 000 000 (forty million) units and Class B Sharesin the amount of 173 246 220 (one hundred-seventy-three million two hundred-forty six thousand two hundred-twenty) units (collectively, the "Shares") of D-Market Elektronik Hizmetler ve Ticaret A.Ş. (Turkey) in accordance with the Share Purchase Agreement entered into by the Company (the "Agreement"), to pledge the Shares (or part thereof) in favor of the sellers of the Shares to secure the performance of the Company's obligations under the Agreement on the basis of a share pledge agreement between the Company (as pledgor) and the sellers of the Shares (as pledgees) and entering into the above transactions as a major transaction (and the Company's participation in the activities of a legal entity), as a result of which the Company acquires or disposes of (may be acquired by the Company) the Class B Shares.



For further information



David Ferguson,

david.ferguson@kaspi.kz

+44 7427 751 275



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