Flashlight Capital Partners, an activist fund based in Singapore, has proposed to acquire Korea Ginseng Corp., a subsidiary of South Korea's leading tobacco company KT&G, for nearly 2 trillion won ($1.47 billion). KT&G has labeled this offer as "unilateral," stating that it was made without prior discussions with the company. In a statement, KT&G emphasized that Korea Ginseng Corp. is integral to its strategy for future growth and that it will thoroughly review the letter of intent while remaining committed to its mid-term business plan, which focuses on expanding investments in next-generation tobacco products, international vape markets, and health supplements. The acquisition proposal follows Flashlight Capital's ongoing pressure on KT&G since 2022 to spin off its ginseng division, arguing that it is underperforming and undervalued. However, KT&G's board has consistently rejected this suggestion, believing that a separation would undermine the synergy between KT&G and Korea Ginseng Corp. The activist fund's recent offer to acquire a 100-percent stake in the ginseng manufacturer for 1.9 trillion won has reignited discussions about the future direction of both companies.