By ASTANA. Oct 25 (Interfax-Ukraine) – The Kazakh fintech holding Kaspi.kz plans to launch the next, fifth, program for the repurchase of its global depositary receipts (GDR) for $100 million, the company said in a statement.
“Based on the strong consolidated financial performance of Kaspi.kz for Q3 of 2023… a new GDR repurchase program in the amount of $100 million will be launched,” the financial statements for January-September 2023 say.
The company said that since April 2022, GDRs in the amount of $248 million have been purchased.
As reported, the fourth buyback program started on July 26 and lasted until October 20, 2023. It was assumed that Kaspi.kz would buy GDR in an amount of up to $100 million.
As of October 13, the company had repurchased 226,457 shares for a total of $21.1 million. The average price for one GDR is $94.6.
During the third repurchase program, which took place from March 22 to July 21, 2023, Kaspi.kz acquired more than 532,000 global depositary receipts worth over $41.5 million.
“We believe that our market capitalization significantly underestimates Kaspi.kz, and therefore we are considering a GDR repurchase program,” the company said earlier, explaining the reasons for the repurchase of receipts.
Kaspi.kz held an IPO on the LSE in October 2020. The company’s shareholders raised $1 billion by placing about 15% of its shares as part of the IPO.
It recently became known that Kaspi.kz submitted a draft registration statement to the US Securities and Exchange Commission (SEC) regarding the proposed public offering of American depositary shares. The size and price range of the proposed offering have not yet been determined.
Kaspi.kz combines services for online payments and P2P transfers, personal funds management and online purchases with delivery in a mobile application. The company operates on three platforms: payments, marketplace and fintech. The group includes Kaspi Store LLP, Kaspi Bank, Kaspi Pay LLP and Kaspi Travel LLP. The company’s shareholders are Baring Vostok funds with 27.48%, Vyacheslav Kim with 23.43%, and Mikhail Lomtadze with 24.63%.
