Singapore-based activist fund seeks Samsung shareholder list in fight over S-1 Corp unit
The five Samsung subsidiary companies collectively own 20.6% of S-1 Corp’s shares.
Activist investor Flashlight Capital Partners has obtained the shareholder registers of five units of the Samsung Group. These units collectively own 20.6 percent of S-1 Corporation, a South Korean security company. Sanghyun Lee, founder and CEO of Flashlight, is seeking to communicate directly with these shareholders in order to improve returns for S-1.
The five companies - Samsung SDI, Samsung Life Insurance, Samsung Fire & Marine Insurance, Samsung Securities and Samsung Card - have a combined stake of 20.6 percent of S-1. S-1's largest shareholder is Japan's SECOM, with a 25.7 percent stake. S-1 also retains 11 percent of its own shares as treasury shares. Flashlight, led by Lee, has been pushing for higher shareholder returns, revealing a $40 million stake or about 2 percent of S-1's market capitalization in June.
In August, Lee offered to buy all the S-1 shares held by the five Samsung units for 906.6 billion won, which is 45.2 percent above S-1's closing price a day earlier. Despite these efforts, Flashlight has yet to secure concessions from S-1 and the Samsung Group. As of September 9, S-1's shares opened 0.4 percent lower at 78,900 won in Seoul.
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