# EDGAR Filing Document

**Accession Number:** 0001850235
**File Stem:** 0001193125-25-278791
**Filing Date:** 2025-11
**Character Count:** 9405
**Document Hash:** 26d2c95d6656b32f855b84963833743c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-278791.hdr.sgml**: 20251113

**ACCESSION NUMBER**: 0001193125-25-278791

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

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20251113

**DATE AS OF CHANGE**: 20251113

**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:** 251475314

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** KUSTEPE MAHALLESI MECIDIYEKOY YOLU
- **STREET 2:** CADDE NO: 12 TRUMP TOWERS KULE 2 K2
- **CITY:** SISLI ISTANBUL
- **PROVINCE COUNTRY:** W8
- **BUSINESS PHONE:** 90 (0) 212 304 20 00

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** KUSTEPE MAHALLESI MECIDIYEKOY YOLU
- **STREET 2:** CADDE NO: 12 TRUMP TOWERS KULE 2 K2
- **CITY:** SISLI ISTANBUL
- **PROVINCE COUNTRY:** W8
**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

### Attached PDF Documents

**Attachment 1:** `ck0000000000-ex99_4.pdf`

_No text found in this document._

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

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 2)**

**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)*

**11/11/2025**

*(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. 2 (this "Amendment") amends and supplements the Schedule 13D originally filed by Joint Stock Company Kaspi.kz, a joint stock company incorporated under the laws of Kazakhstan (the "Reporting Person"), with the Securities and Exchange Commission (the "SEC") on February 5, 2025 (the "Schedule 13D"), as amended by Amendment No. 1 to the Schedule 13D filed by the Reporting Person with the SEC on July 30, 2025 ("Amendment No. 1" and, together with the Schedule 13D, the "Schedule 13D, as amended"), relating to the ordinary shares, nominal value TRY 0.20 per share (the "Ordinary Shares") of D-MARKET Electronic Services & Trading (the "Issuer"). Except as specifically provided herein, this Amendment does not modify or amend any of the information previously reported on the Schedule 13D, as amended. Capitalized terms used and not otherwise defined herein shall have the meanings ascribed to such terms in the Schedule 13D, as amended.

**Item 4. Purpose of Transaction**

The disclosure in Item 4 of the Schedule 13D, as amended, is hereby supplemented by adding the following:

On November 11, 2025, the Reporting Person entered into a stock purchase agreement with TurkCommerce B.V., a private limited liability company (besloten vennootschap met beperkte aansprakelijkheid) duly incorporated and validly existing under the laws of the Netherlands (the "Seller") relating to the sale and purchase of Ordinary Shares of the Issuer (the "2025 Stock Purchase Agreement"). Pursuant to the 2025 Stock Purchase Agreement, the Reporting Person agreed to purchase, and the Seller agreed to sell, 10,000,000 Ordinary Shares of the Issuer for the aggregate purchase price of USD 29,500,000. Closing of the transaction contemplated by the 2025 Stock Purchase Agreement is expected to occur on or about November 18, 2025, subject to customary closing conditions.

On October 20, 2025, the Issuer announced it will seek shareholder approval for a share capital increase of 35,842,294 Ordinary Shares at an Extraordinary General Assembly meeting to be held on November 17, 2025. The Reporting Person intends to vote in favor of the share capital increase (the "Capital Increase"). As a shareholder of the Issuer, the Reporting Person will be entitled to certain preemptive rights arising in connection with the anticipated Capital Increase.  The Reporting Person intends to exercise its preemptive rights and subscribe for its pro rata portion of the Ordinary Shares to be issued in the Capital Increase, which would result in the acquisition of an additional 29,841,006 Ordinary Shares.  Additionally, the Reporting Person may subscribe for all or a portion of the remaining 6,001,288 Ordinary Shares in the Capital Increase to the extent that any other shareholder does not exercise its preemptive rights.

The disclosure in Item 4 of the Schedule 13D, as amended, is hereby amended by replacing the last paragraph of that item with the following:

The Reporting Person re-examines its investment in the Issuer on a continuing basis.  Any actions the Reporting Person might undertake with respect to its investment may be made at any time and from time to time and will be dependent upon the Reporting Person's review of numerous factors, including, but not limited to: ongoing evaluation of the Issuer's business,  prospects and strategic alternatives; price levels of the Issuer's securities; general market, industry and economic conditions; and other factors and future developments. The Reporting Person may consider, explore and/or develop plans and/or formulate proposals with respect to its investment in the Issuer and propose or consider one or more of the actions described in subparagraphs (a) - (j) of Item 4 of Schedule 13D.

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

The disclosure in Item 6 of the Schedule 13D, as amended, is hereby supplemented by adding the following:

The disclosure set forth above in Item 4 regarding the 2025 Stock Purchase Agreement is incorporated herein and is qualified by reference to the text thereof.

### 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:** 11/13/2025