Kazakh fintech Kaspi.kz says preparing for U.S. listing

ALMATY, April 24 (Reuters) – Kazakh fintech and banking business Kaspi.kz said on Monday it was preparing for a U.S. listing, as it reported its adjusted first-quarter profit jumped by 52% year on year to 178 billion tenge ($389 million).

The board of Kaspi.kz, which is already listed in Kazakhstan and on the London Stock Exchange, has proposed a dividend of 750 tenge per global depository receipt (GDR).

“We see multiple potential benefits from a US listing, including an enlarged, more diverse shareholder base and increased trading liquidity,” Kaspi.kz said in a statement.

“We have now started to prepare for such an event, albeit remain in the early stages, with any transaction naturally contingent upon market conditions.” ($1 = 457.1900 tenge) (Reporting by Olzhas Auyezov; Editing by Alexander Smith)