An activist investor has offered a 45% premium for Samsung affiliates’ stakes in S-1 Corp., setting up an early test of how board directors handle their expanded fiduciary duties under South Korea’s revised corporate law. Singapore-based Flashlight Capital Partners said it proposed acquiring the combined 20.6% stake held across five Samsung affiliates — Samsung SDI Co., Samsung Life Insurance Co., Samsung Fire & Marine Insurance Co., Samsung Securities Co. and Samsung Card Co. — for 116,000 won a share, or 906.6 billion won ($655 million) in total.

The price represents a 45% premium to Wednesday’s closing price, highlighting a strategic move to influence corporate governance and asset allocation.