# EDGAR Filing Document

**Accession Number:** 0001850235
**File Stem:** 0000950170-25-100161
**Filing Date:** 2025-7
**Character Count:** 9183
**Document Hash:** 25d42791f798445becc7c5e171340de7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-25-100161.hdr.sgml**: 20250730

**ACCESSION NUMBER**: 0000950170-25-100161

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20250730

**DATE AS OF CHANGE**: 20250730

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** D-MARKET Electronic Services & Trading
- **CENTRAL INDEX KEY:** 0001850235
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-CATALOG & MAIL-ORDER HOUSES [5961]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** W8
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-93506
- **FILM NUMBER:** 251166600

**BUSINESS ADDRESS:**
- **STREET 1:** KUSTEPE MAHALLESI MECIDIYEKOY YOLU
- **STREET 2:** CADDE NO: 12 TRUMP TOWERS KULE 2 K2
- **CITY:** SISLI ISTANBUL
- **STATE:** W8
- **ZIP:** 34387
- **BUSINESS PHONE:** 90 (0) 212 304 20 00

**MAIL ADDRESS:**
- **STREET 1:** KUSTEPE MAHALLESI MECIDIYEKOY YOLU
- **STREET 2:** CADDE NO: 12 TRUMP TOWERS KULE 2 K2
- **CITY:** SISLI ISTANBUL
- **STATE:** W8
- **ZIP:** 34387
**FILED BY**: 

**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 13D/A

**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

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 1)**

**D-MARKET Electronic Services & Trading**

*(Name of Issuer)*

**Ordinary Shares, nominal value TRY 0.20 per share**

*(Title of Class of Securities)*

**23292B104**

*(CUSIP Number)*

**David Ferguson**<br>154A Nauryzbai Batyr Street<br>Almaty 1P 050013<br>7 727 3306710

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**07/28/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **23292B104** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Joint Stock Company Kaspi.kz** | Name of reporting person<br>**Joint Stock Company Kaspi.kz** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**1P** | Citizenship or place of organization<br>**1P** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**213246220.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**213246220.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**213246220.00** | Aggregate amount beneficially owned by each reporting person<br>**213246220.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**66.35%** | Percent of class represented by amount in Row (11)<br>**66.35%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Ordinary Shares, nominal value TRY 0.20 per share

**(b) Name of Issuer:**
D-MARKET Electronic Services & Trading

**(c) Address of Issuer's Principal Executive Offices:**
KUSTEPE MAHALLESI MECIDIYEKOY YOLU, Caddesi NO: 12 TRUMP TOWERS KULE 2 K2, Sisli Istanbul, W8, 34387

This Amendment No.1 to Schedule 13D is filed by Joint Stock Company Kaspi.kz, a joint stock company incorporated under the laws of Kazakhstan (the "Reporting Person") to report a change in the nature of its beneficial ownership of the ordinary shares, nominal value TRY 0.20 per share ("Ordinary Shares") of D-MARKET Electronic Services & Trading, a joint stock company incorporated under the Laws of the Republic of Turkiye (the "Issuer"). The Schedule 13D (the "Schedule 13D") filed by the Reporting Person on February 5, 2025 is hereby amended and supplemented by this Amendment No. 1. This amendment is filed by the Reporting Person in accordance with Rule 13d-2 of the Securities Exchange Act of 1934, as amended, and refers only to information that has materially changed since the filing of the Schedule 13D. The items identified below, or the particular paragraphs of such items which are identified below, are amended as set forth below. Unless otherwise indicated, all capitalized terms used and not defined herein have the respective meanings assigned to them in the Schedule 13D.

**Item 4. Purpose of Transaction**

The disclosure in Item 4 is hereby supplemented by adding the following:

On July 28, 2025, the Reporting Person paid the Deferred Cash Consideration to the Sellers, the Pledged Shares were released and the Share Pledge and Share Pledge Agreement terminated.

[The disclosure in Item 4 is hereby amended by replacing the last paragraph of that item with the following:

The Reporting Person intends to re-examine its investment from time to time and, depending on prevailing market conditions, other investment opportunities, liquidity requirements or other investment considerations the Reporting Person deems material, the Reporting Person may from time to time acquire additional Ordinary Shares. The Reporting Person has not determined which, if any, courses of action it may ultimately take. The Reporting Person's future actions with regard to the Issuer are dependent on its evaluation of a variety of factors, circumstances affecting the Issuer in the future, including prospects of the Issuer, general market and economic conditions and other factors deemed relevant. The Reporting Person reserves the right to determine in the future whether to change the purpose or purposes described above or whether to adopt plans or proposals of the type specified above or otherwise.

Except as set forth above, the Reporting Person has no current plans or proposals with respect to the Issuer.]

**Item 5. Interest in Securities of the Issuer**

**(a)**
As of the date of this Amendment No. 1, the Reporting Person beneficially owns 213,246,220 Ordinary Shares of the Issuer, representing 66.35% of the total outstanding Ordinary Shares.(1)

(1) The percentage ownership is based on 321,382,906 Ordinary Shares as reported on the Issuer's Form 20-F filed with the Securities and Exchange Commission on April 30, 2025.

**(b)**
As of the date of this Amendment No. 1, the Reporting Person beneficially owns 213,246,220 Ordinary Shares of the Issuer, representing 66.35%(1) of the total outstanding Ordinary Shares, as set forth below:
Sole power to vote or direct the vote of: 213,246,220
Shared power to vote or to direct the vote of: 0
Sole power to dispose of or to direct the disposition of: 213,246,220
Shared power to dispose of or to direct the disposition of: 0

(1) The percentage ownership is based on 321,382,906 Ordinary Shares as reported on the Issuer's Form 20-F filed with the Securities and Exchange Commission on April 30, 2025.

**(c)**
The information set forth in Item 3 and Item 4 of this Amendment No. 1 is incorporated by reference into this Item 5(c).

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

The disclosure in Item 6 is hereby supplemented by adding the following:

On July 28, 2025, the Reporting Person paid the Deferred Cash Consideration owed to the Sellers, the Pledged Shares were released and the Share Pledge and Share Pledge Agreement terminated.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Joint Stock Company Kaspi.kz

**Signature:** /s/ Mikheil Lomtadze

**Name/Title:** Mikheil Lomtadze/Chief Executive Officer

**Date:** 07/30/2025