In 2018, Kim bought the entire 30% stake that Satybaldyuly owned in Kaspi for 200 billion tenge ($466 million), taking his ownership to about half, according to the firm’s prospectus and Bloomberg calculations. In December of that year, when the company was first preparing for its IPO, Kim gave about 20% of Kaspi to Lomtadze for a “non-cash consideration.” While it’s not clear what was involved in the transaction, that made him one of the largest owners of the company, with Kim and Baring Vostok.
The company’s global depositary receipts closed 23% higher from the listing price at $41.50 in London.
This article was provided by Bloomberg News.