Nasdaq-listed Kaspi.kz will likely not pay dividends for 2024, the fintech company said in a notice for its annual shareholders meeting, published on Kazakhstan’s Stock Exchange on February 26.
At the annual general meeting, scheduled for on March 28, the board will not recommend a payout to shareholders.
“Considering previously quarterly paid dividends in 2024, the Board of Directors recommends not to pay dividends on common shares of JSC Kaspi.kz for 2024,” the AGM notice said.
Kaspi.kz had bought a 65.4% stake in Turkish marketplace company Hepsiburada for $1.1 billion in January and Mikheil Lomtadze, its CEO, had said that the dividend policy could change in light of increased investments.
Observers noted that during the week of the AGM notice, Kaspi.kz shares fell by 5%.
In mid-January, New York-based law firm Rosen Law launched a class-action lawsuit against Kaspi.kz for misleading statements and failures to disclose about its alleged “continued business with Russian entities,” “undisclosed related party transactions,” among other accusations.
Kaspi.kz rejected the claims, which had already been lodged by short-seller Culper Research in September last year, saying in a note: “We have comprehensive policies and procedures designed to avoid working with any consumers or companies that appear on international sanctions lists.”
Kaspi.kz had listed in the London Stock Exchange in October 2020, but de-listed its shares in March 2024. The fintech company listed in Nasdaq in January 2024.
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