I've bought quite a few books from Kobo, both DRM'd and non-DRM'd but they are all 100% ePub - no sign of this Kepub format, so I don't know why the OP's are different. Perhaps it's country specific or purchased directly from an eReader rather than downloaded to a computer.
Do Kepubs work on non-Kobo readers? If not then this sounds like another nasty proprietry tie-in. One reason I like ePub is that I can buy them from anywhere and they all work on my reader.
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