<SEC-DOCUMENT>0001104659-25-038195.txt : 20250424
<SEC-HEADER>0001104659-25-038195.hdr.sgml : 20250424
<ACCEPTANCE-DATETIME>20250424060125
ACCESSION NUMBER:		0001104659-25-038195
CONFORMED SUBMISSION TYPE:	SCHEDULE 13G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250424
DATE AS OF CHANGE:		20250424

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Joint Stock Co Kaspi.kz
		CENTRAL INDEX KEY:			0001985487
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-BUSINESS SERVICES, NEC [7389]
		ORGANIZATION NAME:           	07 Trade & Services
		EIN:				000000000
		STATE OF INCORPORATION:			1P
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-94687
		FILM NUMBER:		25863408

	BUSINESS ADDRESS:	
		STREET 1:		154A NAURYZBAI BATYR STREET
		CITY:			ALMATY
		STATE:			1P
		ZIP:			050013
		BUSINESS PHONE:		7 727 3306710

	MAIL ADDRESS:	
		STREET 1:		154A NAURYZBAI BATYR STREET
		CITY:			ALMATY
		STATE:			1P
		ZIP:			050013

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			European Investors Ltd
		CENTRAL INDEX KEY:			0002035516
		ORGANIZATION NAME:           	
		EIN:				000000000
		STATE OF INCORPORATION:			Y7
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G

	BUSINESS ADDRESS:	
		STREET 1:		UNIT 1, HOUMET HOUSE
		STREET 2:		RUE DES HOUMETS
		CITY:			CASTEL
		STATE:			Y7
		ZIP:			GY5 7XZ
		BUSINESS PHONE:		44 1481 736098

	MAIL ADDRESS:	
		STREET 1:		UNIT 1, HOUMET HOUSE
		STREET 2:		RUE DES HOUMETS
		CITY:			CASTEL
		STATE:			Y7
		ZIP:			GY5 7XZ
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13G
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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  <headerData>
    <submissionType>SCHEDULE 13G</submissionType>
    <filerInfo>
      <filer>
        <filerCredentials>
          <!-- Field: Pseudo-Tag; ID: Name; Data: European Investors Ltd -->
          <cik>0002035516</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>



    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <securitiesClassTitle>American depositary shares, no par value, each representing one common share of the Issuer, no par value ("ADSs")</securitiesClassTitle>
      <eventDateRequiresFilingThisStatement>04/23/2025</eventDateRequiresFilingThisStatement>
      <issuerInfo>
        <issuerCik>0001985487</issuerCik>
        <issuerName>Joint Stock Co Kaspi.kz</issuerName>
        <issuerCusip>48581R205</issuerCusip>
        <issuerPrincipalExecutiveOfficeAddress>
          <com:street1>154A Nauryzbai Batyr Street</com:street1>
          <com:city>Almaty</com:city>
          <com:stateOrCountry>1P</com:stateOrCountry>
          <com:zipCode>050013</com:zipCode>
        </issuerPrincipalExecutiveOfficeAddress>
      </issuerInfo>
      <designateRulesPursuantThisScheduleFiled>
        <designateRulePursuantThisScheduleFiled>Rule 13d-1(c)</designateRulePursuantThisScheduleFiled>
      </designateRulesPursuantThisScheduleFiled>
    </coverPageHeader>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>European Investors Limited</reportingPersonName>
      <citizenshipOrOrganization>Y7</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>12257305.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>12257305.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>12257305.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>6.5</classPercent>
      <typeOfReportingPerson>OO</typeOfReportingPerson>
      <comments>Percent set out in Row 11 is based on 190,015,729 common shares of the Issuer outstanding as of January 31, 2025, as reported in the Issuer's annual report on Form 20-F filed with the Securities and Exchange Commission (the "SEC") on March 10, 2025.</comments>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>David Pascal Brehaut</reportingPersonName>
      <citizenshipOrOrganization>Y7</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>12257305.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>12257305.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>12257305.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>6.5</classPercent>
      <typeOfReportingPerson>IN</typeOfReportingPerson>
      <comments>Percent set out in Row 11 is based on 190,015,729 common shares of the Issuer outstanding as of January 31, 2025, as reported in the Issuer's annual report on Form 20-F filed with the SEC on March 10, 2025.</comments>
    </coverPageHeaderReportingPersonDetails>
    <items>
      <item1>
        <issuerName>Joint Stock Co Kaspi.kz</issuerName>
        <issuerPrincipalExecutiveOfficeAddress>154A Nauryzbai Batyr Street Almaty, Kazakhstan, 050013</issuerPrincipalExecutiveOfficeAddress>
      </item1>
      <item2>
        <filingPersonName>This filing is being made on behalf of (collectively, the "Reporting Persons"):

European Investors Limited ("EIL"); and

David Pascal Brehaut ("Mr. Brehaut").</filingPersonName>
        <principalBusinessOfficeOrResidenceAddress>The principal business office of EIL is Unit 1, Houmet House, Rue Des Houmets, Castel, Guernsey GY5 7XZ, Channel Islands. Mr. Brehaut is a resident of Guernsey, Channel Islands, and his principal business address is Unit 1, Houmet House, Rue Des Houmets, Castel, Guernsey GY5 7XZ, Channel Islands.</principalBusinessOfficeOrResidenceAddress>
        <citizenship>EIL is a non-cellular company organized under the laws of Guernsey. Mr. Brehaut is a British citizen.</citizenship>
      </item2>
      <item3>
        <notApplicableFlag>Y</notApplicableFlag>
      </item3>
      <item4>
        <amountBeneficiallyOwned>See the responses to Item 9 on the attached cover pages.</amountBeneficiallyOwned>
        <classPercent>See Item 11 of the attached cover pages. The percentages reported in Item 11 of the attached cover pages are based on 190,015,729 common shares of the Issuer outstanding as of January 31, 2025, as reported in the Issuer's annual report on Form 20-F filed with the SEC on March 10, 2025.</classPercent>
        <numberOfSharesPersonHas>
          <solePowerOrDirectToVote>See the responses to Item 5 on the attached cover pages.</solePowerOrDirectToVote>
          <sharedPowerOrDirectToVote>See the responses to Item 6 on the attached cover pages.</sharedPowerOrDirectToVote>
          <solePowerOrDirectToDispose>See the responses to Item 7 on the attached cover pages.</solePowerOrDirectToDispose>
          <sharedPowerOrDirectToDispose>See the responses to Item 8 on the attached cover pages.

12,257,305 ADSs are held by EIL under the participation deed between EIL and Baring Fintech Nexus Limited ("BFNL") (as amended from time to time, the "Participation Deed"), whereby EIL is the shareholder of record of the ADSs, but BFNL retains all economic rights relating to the ADSs, including the right to any distributions in respect of the ADSs and to the proceeds from any transfer or disposal of the ADSs. Such ADSs may be deemed to be beneficially owned by Mr. Brehaut because Mr. Brehaut is the controlling shareholder of EIL. Voting and investment control over the ADSs held by EIL under the Participation Deed is exercised by the board of directors of EIL, which is comprised of Mr. Brehaut, Lisa Evans and Sarah MacKnight. Mr. Brehaut, each member of the board of directors of EIL and each of the affiliated entities of the Reporting Persons and the officers, partners, members and managers thereof disclaims beneficial ownership of the ADSs held by EIL under the Participation Deed.</sharedPowerOrDirectToDispose>
        </numberOfSharesPersonHas>
      </item4>
      <item5>
        <notApplicableFlag>Y</notApplicableFlag>
      </item5>
      <item6>
        <notApplicableFlag>N</notApplicableFlag>
        <ownershipMoreThan5PercentOnBehalfOfAnotherPerson>See Item 4 above.</ownershipMoreThan5PercentOnBehalfOfAnotherPerson>
      </item6>
      <item7>
        <notApplicableFlag>Y</notApplicableFlag>
      </item7>
      <item8>
        <notApplicableFlag>Y</notApplicableFlag>
      </item8>
      <item9>
        <notApplicableFlag>Y</notApplicableFlag>
      </item9>
      <item10>
        <notApplicableFlag>N</notApplicableFlag>
        <certifications>By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.</certifications>
      </item10>
    </items>
    <exhibitInfo>Joint Filing Agreement, dated as of April 24, 2025, between EIL and Mr. Brehaut.</exhibitInfo>
    <signatureInformation>
      <reportingPersonName>European Investors Limited</reportingPersonName>
      <signatureDetails>
        <signature>/s/ David Pascal Brehaut</signature>
        <title>David Pascal Brehaut, Director</title>
        <date>04/24/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>David Pascal Brehaut</reportingPersonName>
      <signatureDetails>
        <signature>/s/ David Pascal Brehaut</signature>
        <title>David Pascal Brehaut</title>
        <date>04/24/2025</date>
      </signatureDetails>
    </signatureInformation>
  </formData>

</edgarSubmission>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>tm2512984d1_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0in"><B>Exhibit&nbsp;99.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>JOINT FILING AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Pursuant to Rule&nbsp;13d-1(k)(1) promulgated under
the Securities Exchange Act of 1934, as amended, the undersigned agree that the Statement on Schedule&nbsp;13G to which this Exhibit is
attached is filed on behalf of each of them. Each of them is individually eligible to use the Schedule&nbsp;13G to which this Exhibit
is attached. Each of them is responsible for the timely filing of such Schedule&nbsp;13G and any amendments thereto, and for the completeness
and accuracy of the information concerning such person contained therein; but none of them is responsible for the completeness or accuracy
of the information concerning the other persons making the filing, unless such person knows or has reason to believe that such information
is inaccurate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">IN WITNESS WHEREOF, the undersigned hereby execute
this Joint Filing Agreement as of April&nbsp;24, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EUROPEAN INVESTORS LIMITED</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ David Pascal Brehaut</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&nbsp;</FONT></TD>
    <TD STYLE="width: 47%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">David Pascal Brehaut</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DAVID PASCAL BREHAUT</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ David Pascal Brehaut</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&nbsp;</FONT></TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">David Pascal Brehaut</FONT></TD></TR>
  </TABLE>

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