On October 13, 2024, Flashlight Capital Partners Pte. Ltd announced that announced that it has submitted a Letter to KT&G Corporation?s board to acquiring 100% of Korea Ginseng Corporation?s shares at KRW 1.9 trillion. Flashlight Capital stated that despite the growing demand for health food, Korea Ginseng Corporation?s operating profit halved from KRW 202.1 billion in 2019 to KRW 103.1 billion in 2023, and Company?s guidance indicates further decline in 2024.

Flashlight Capital has argued that the tobacco-ginseng pairing was a wrong marriage, and that Korea Ginseng Corporation?s value is not reflected in Company's stock price at all. Further, Flashlight Capital stated that If the Company?s board opposes its proposal without a proper rationale, it will only prove that they are serving the interests of management rather than those of the shareholders.