Kaspi.kz Increases Controlling Stake in D-MARKET (HEPS) to 86.74%

Joint Stock Company Kaspi.kz, a Kazakhstan-based entity, filed Amendment No. 8 to its Schedule 13D on June 10, 2026, regarding its investment in D-MARKET Electronic Services & Trading (HEPS). The filing reports recent acquisitions of ordinary shares (represented by ADSs) from unrelated parties. Specifically, the Reporting Person purchased 1,968,787 shares on May 18, 2026, at $2.89 per share, and 1,885,027 shares on June 8, 2026, at $2.87 per share. These transactions, funded via working capital, represent approximately 1% of the Issuer's total outstanding shares. Following these purchases, Kaspi.kz beneficially owns 309,866,046 ordinary shares, representing a controlling interest of 86.74% of the class. The purpose of these acquisitions is to maintain and potentially increase a substantial controlling interest in the company. The Reporting Person intends to continually re-examine its investment and may explore further actions, including additional purchases or structural proposals, depending on market conditions and ongoing evaluations.