On January 18, 2023, Flashlight Capital Partners Pte. Ltd issued a letter to shareholders of KT&G Corporation outlining the proposals: (1) a Corporate spin-off of the Company?s Ginseng Business, Korea Ginseng Corp (KGC), (2) the issuance of a dividend, (3) an increase of the Company?s share repurchase program, and (4) amending articles of incorporation to create a compensation committee, Flashlight Capital is putting forth for consideration at the Company?s 2023 annual general meeting of shareholders. Flashlight Capital also stated that it has nominated 2 candidates, Suk Yong Cha and Ou Jin Hwang, for election to the Company's Board of Directors.