Kaspi.kz Announces Key Decisions from Extraordinary Meeting

Key Resolutions from the Extraordinary General Meeting

Joint Stock Company Kaspi.kz, listed on Nasdaq under the ticker KSPI, has taken significant steps forward during its recent Extraordinary General Meeting. This meeting took place to discuss crucial decisions that will influence the company's future.

Approval of Agenda and Dividend Payments

The agenda for the meeting included multiple resolutions. First and foremost, the shareholders approved the agenda and confirmed the payment of dividends on common shares. Notably, the dividend amount was set at KZT 850, which is approximately eight hundred and fifty tenge per share for the third quarter of 2024. The decision was made with the importance of ensuring that shareholders receive a fair return on their investments.

Details of Dividend Payments

Dividends will be made available starting from a specified commencement date, and the timeframe for these payments aligns with legal requirements. On a designated record date, shareholders eligible for these dividends will be identified to ensure smooth transactions. The process is set to allow for cash payments, made via wire transfer directly to shareholders’ accounts.

Amendments to Company Charter

Another significant resolution passed was the approval of the amended Charter of JSC Kaspi.kz. The management board received the authorization to sign and notarize this amendment, as well as notify the necessary registration authority. This change reflects ongoing efforts to adapt the company's governance framework according to best practices and evolving business strategies.

Board Member Changes

In a noteworthy personnel development, the meeting acknowledged the resignation of Mr. Nikolay Zinovyev from the Board of Directors. Subsequently, Mr. Zurab Nikvashvili was elected to fill this vacancy, appointed as an independent member of the board. This transition is expected to infuse fresh perspectives into the board’s operations, contributing to the continuous improvement of the company’s governance.

Major Transaction Announcement

Furthermore, the company approved a major transaction involving the acquisition of significant shares. This includes a total acquisition of 40,000,000 Class A shares and 173,246,220 Class B shares from D-Market Elektronik Hizmetler ve Ticaret A.?. in Turkey. This Share Purchase Agreement emphasizes Kaspi.kz's strategic initiatives to expand its presence and operational capabilities in new markets.

Securing Financial Obligations

As part of this deal, the company plans to pledge these shares to secure its obligations under the agreement. Such steps are critical for safeguarding shareholder interests while ensuring the company can effectively manage its financial responsibilities.

These decisions reflect the company’s commitment to aligning with shareholder expectations, maintaining robust financial practices, and navigating future growth opportunities. Kaspi.kz continues to show a dedication to transparency and effectiveness in its corporate governance.

Frequently Asked Questions

What were the main resolutions passed at the meeting?

The main resolutions included the approval of dividends, amendments to the company charter, and significant board member changes.

What is the dividend amount approved by Kaspi.kz?

Kaspi.kz approved a dividend amount of KZT 850 per common share for the third quarter of 2024.

Who was elected to the Board of Directors?

Mr. Zurab Nikvashvili was elected as an independent member of the Board of Directors following the resignation of Mr. Nikolay Zinovyev.

What major transaction was approved during the meeting?

A significant transaction was approved for the acquisition of Class A and Class B shares from D-Market Elektronik Hizmetler ve Ticaret A.?. in Turkey.

How does Kaspi.kz plan to execute the dividend payments?

Dividends will be paid in cash via wire transfers directly to the accounts of eligible shareholders.

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