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D-MARKET Electronic Services & Trading (HEPS) ordinary shares: VR Global Partners, L.P., VR Advisory Services Ltd, VR Capital Participation Ltd., VR Capital Group Ltd., VR Capital Holdings Ltd. and Richard Deitz reported no beneficial ownership as of September 30, 2026. Each reported zero voting and dispositive power.
The ordinary shares previously reported as beneficially owned were held directly by VR Global Partners, L.P. The other reporting persons may previously have been deemed beneficial owners through their stated management, ownership or control relationships with the fund.
Key Figures
Ordinary shares beneficially owned:0 sharesPercent of class beneficially owned:0%
2 metrics
Ordinary shares beneficially owned0 sharesReported as of September 30, 2026 by each of the six reporting persons
Percent of class beneficially owned0%Reported as of September 30, 2026 for each reporting person
Key Terms
beneficially owned, shared power to dispose
2 terms
beneficially ownedregulatory
"none of the Reporting Persons beneficially owned any Ordinary Shares"
Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.
shared power to disposeregulatory
"Shared power to dispose or to direct the disposition of: 0"
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How many HEPS ordinary shares did the reporting persons beneficially own?
The six reporting persons reported zero HEPS ordinary shares beneficially owned as of September 30, 2026.
Why were other parties previously deemed to beneficially own HEPS shares?
VR Advisory Services Ltd was the fund’s general partner and investment adviser; VR Capital Participation Ltd., VR Capital Group Ltd. and VR Capital Holdings Ltd. were successive sole shareholders in that chain. Richard Deitz was identified as a control person of VR and VR Capital Participation Ltd.
The Statement is filed on behalf of each of the following persons (collectively, the "Reporting Persons"):
(i) VR Global Partners, L.P. (the "Fund");
(ii) VR Advisory Services Ltd ("VR");
(iii) VR Capital Participation Ltd. ("VRCP");
(iv) VR Capital Group Ltd. ("VRCG");
(v) VR Capital Holdings Ltd. ("VRCH"); and
(vi) Richard Deitz.
(b)
Address or principal business office or, if none, residence:
For the Fund, VRCP, VRCG and VRCH: c/o Intertrust (Cayman) Limited, One Nexus Way, Camana Bay, Grand Cayman, KY1-9005, Cayman Islands
For VR: 601 Lexington Avenue, 59th Floor, New York, New York, 10022, USA
For Mr. Deitz: The Kensington Building, 1 Wrights Lane, Fourth Floor, London W8 5RY, United Kingdom
(c)
Citizenship:
(i) The Fund is a Cayman Islands exempted limited partnership;
(ii) VR is a Cayman Islands exempted company;
(iii) VRCP is a Cayman Islands exempted company;
(iv) VRCG is a Cayman Islands exempted company;
(v) VRCH is a Cayman Islands exempted company; and
(vi) Mr. Deitz is a United States citizen.
(d)
Title of class of securities:
Ordinary Shares, nominal value TRY 0.20 per share
(e)
CUSIP No.:
23292B104
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
As of September 30, 2026, none of the Reporting Persons beneficially owned any Ordinary Shares of the Issuer.
The Ordinary Shares of D-MARKET Electronic Services & Trading (the "Issuer") previously reported as beneficially owned were directly held by the Fund. VR, as the general partner and investment adviser of the Fund, may have been deemed to exercise voting and investment power over the Ordinary Shares that were held by the Fund and thus may have been deemed to beneficially own such Ordinary Shares. VRCP, as the sole shareholder of VR, may have been deemed to beneficially own the Ordinary Shares that were held by the Fund. VRCG, as the sole shareholder of VRCP, also may have been deemed to beneficially own the Ordinary Shares that were held by the Fund. VRCH, as the sole shareholder of VRCG, also may have been deemed to beneficially own the Ordinary Shares that were held by the Fund. Mr. Deitz, as the control person of VR and VRCP, also may have been deemed to beneficially own the Ordinary Shares that were held by the Fund.
(b)
Percent of class:
As of September 30, 2026, each of the Fund, VR, VRCP, VRCG, VRCH and Mr. Deitz may have been deemed to beneficially own 0% of the Ordinary Shares outstanding.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
0
(ii) Shared power to vote or to direct the vote:
0
(iii) Sole power to dispose or to direct the disposition of:
0
(iv) Shared power to dispose or to direct the disposition of:
0
Item 5.
Ownership of 5 Percent or Less of a Class.
Ownership of 5 percent or less of a class
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.
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.
VR Global Partners, L.P.
Signature:
/s/ Emile du Toit
Name/Title:
Emile du Toit / Authorized Person of VR Advisory Services Ltd, its general partner
