Soomit Datta's questions to Kaspi.kz AO (KSPI) leadership • Q3 2024
Question
Soomit Datta from New Street Research asked about the Turkish e-commerce market structure and Hepsiburada's positioning, the implications for future M&A including in Uzbekistan, and whether a dividend would be paid for the fourth quarter before the transaction closes.
Answer
Executive David Ferguson clarified that while the Q3 dividend was announced, the priority for Q4 cash is funding the Hepsiburada transaction, implying a Q4 dividend is unlikely. CEO Mikheil Lomtadze added that Kaspi's focus is on service quality, not market share rankings. Regarding future M&A, he stated that for the Uzbekistan opportunity, they are awaiting the publication of acquirer requirements.