Haw Par Corporation Limited is a Singaporean company involved in healthcare, pharmaceuticals, leisure products, property and investment. It is the company responsible for Tiger Balm branded liniment (ointment). Its brands also included Kwan Loong and it also owns and operates weekend and leisure time destinations such as oceanariums.[2]
The Haw Par Group owns two oceanariums: the now-defunct Underwater World oceanarium attraction at Sentosa, Singapore, and Underwater World Pattaya in Thailand.[3]
Eng Aun Tong Building in Guangzhou, circa 1939. It was nationalized by the People's Republic of China in 1949.
The predecessor of Haw Par Corporation, Eng Aun Tong, was founded by Aw Chu Kin, father of Aw Boon Haw and Boon Par brothers. Eng Aun Tong was then relocated to Singapore and expanded its branch to many Chinese communities in Asia. Aw Boon Haw also built Haw Par Villas in Hong Kong, Singapore and in Yongding District, Longyan, China. A private company, Haw Par Brothers (Private) Limited was incorporated in 1932[4] as a holding company for a vast majority of the family assets.
Establishment, IPO and family dispute
Haw Par Brothers International Limited was incorporated on 18 July 1969 by the Aw family (descendant of the late Aw Boon Haw and Boon Par brothers), in order to list most of the assets of Haw Par Brothers (Private) Limited on the Stock Exchange of Malaysia and Singapore.[5] The assets included the brand Eng Aun Tong and Tiger Balm for liniment products, Sin Poh (Star News) Amalgamated that publishes newspaper in Singapore and Malaysia (assets were split into part of what is now SPH Media for Singaporean branch and Media Chinese International for Malaysian branch), as well as subsidiaries in Hong Kong, Taiwan and Thailand.[nb 1][5] The company also owned an equity investment in Chung Khiaw Bank (Chinese: 祟僑銀行), as well as a lease contract that signed between Haw Par Brothers International and Haw Par Brothers (Private), to use the Tiger Balm Gardens in Hong Kong and Singapore that were owned by the latter.[5] The shares started to trade in the exchange in November 1969.[6][7]
The listed company made a major disinvestment in 1970, selling Hong Kong Eng Aun Tong building located in Wan Chai Road for HK$2.8 million, in order to raise fund the Hong Kong subsidiary for other investment.[8] Nevertheless, the actual price was disputed, as the buyer told the press in Hong Kong another figure.[9]
However, a year after IPO, Aw family sold the controlling stake of the family to Slater Walker,[10] At the same time Sin Poh (Star News) Amalgamated was privatized by Aw Cheng Chye (Chinese: 胡清才), eldest son of the late Aw Boon Par.[11] Aw Cheng Chye also bought back some of the shares from Slater Walker.[12] Haw Par Brothers International also sold 49.8% stake of Chung Khiaw Bank to United Overseas Bank for S$22 million.[13] Aw Cheng Chye was also re-elected as the chairman of Haw Par Brothers International despite the takeover.[14] After the sudden death of Aw Cheng Chye during a trip in Santiago de Chile in August 1971,[15] as well as re-election of the board of directors, it was reported that the listed company was chaired by Richard Tarling[16][9] while Haw Par Brothers (Private) Limited was chaired by Aw It Haw (Chinese: 胡一虎), the fourth and the first biological son of the late Aw Boon Haw.[16][17]
Aw Kow (Chinese: 胡蛟), the eldest (adopted) son of the late Aw Boon Haw, who resigned as the director of Sin Poh (Star News) Amalgamated and the managing director of Sin Chew Jit Poh in May 1971[18][19] due to his personal investment in Eastern Sun, also sued Haw Par Brothers (Private) Limited in 1972 for blocking him to read its accounts and financial statements, claiming under the late Aw Cheng Chye, the company allowed personal spending of Aw Cheng Chye, was invoiced by the company itself.[20] The lawsuit was settled in 1977, in favour Aw Kow.[21]
In the autobiography Escape from Paradise by John & May Chu Harding, they also claimed that Aw Cheng Chye's decision to make Haw Par Brothers International public, was against the wish of the part of the Aw family.[22]: 42 May Chu Harding, née Lee, was the great-granddaughter of Aw Boon Par, or granddaughter of Lee Chee Shan and Aw Cheng Hu.[22]: 18 Lee Chee Shan was the president of Chung Khiaw Bank in 1971.[18]
Under Aw Cheng Chye as chairman, Haw Par Brothers (Private) also attempted to sell Tiger Balm Garden of Hong Kong in 1961;[23] the last piece of the garden was sold to Cheung Kong in 1998 and the main building of the mansion was donated to the Hong Kong Government.
Expansion under Slater Walker
After Haw Par Brothers International was taken over by Slater Walker in June 1971, the new owner changed Haw Par Brothers International from a family-held business into a true business enterprise.[24] Slater Walker also sold 20% stake of Haw Par Brothers International to Slater Walker's associate company Australian Industrial and Mining Corporation (Austim) in November 1971, as well as a second listing of Haw Par Brothers International on the Hong Kong Stock Exchange[25] and in the London Stock Exchange.[26][27] Austim sold 55% stake of Motor and General Investment Underwriters Holdings Singapore to Haw Par Brothers International in August 1971.[28] It was announced that the Holdings would purchase a Singapore construction company Scott & English (Chinese: 錦泰) in September 1971.[16]
After the resignation of both Lee Aik Sim (Lee Santipongchai, Chinese: 李益森), and his wife Aw Cheng Sin (Suri Santipongchai, Chinese: 胡清心), the daughter of late Aw Boon Par as the directors of Haw Par Brothers (Thailand) in January 1972,[29] the subsidiary was sold in the same month to Jack Chia (Chinese: 謝志正).[30][31] Jack Chia and Haw Par Brothers International also formed a joint venture, which the joint venture have the rights to use "Tiger Balm" brand. In March 1972 Haw Par Brothers International acquired fellow pharmaceutical company in Chinese medicines, Hong Kong listed company Kwan Loong & Co.,[32] However, Slater Walker turned the Hong Kong company into an investment vehicle in financial market, which was known as Slater Walker Securities (Hong Kong).[33]
In April 1972, Haw Par Brothers International made a strategic investment on a property on 302 Orchard Road.[34]
In 1973 the company expanded to Japan[35] as well as bought 29% stake of a London-listed company London Tin Corporation.[36][37] Haw Par Brothers International financed the deal by a proposed recapitalization.[38] The stake was sold in 1976 and the sub-holding company that Haw Par Brothers International established in London, was sold in 1982.[39][40]
Collapse of Slater Walker
The parent company Slater Walker was collapsed after the secondary banking crisis of 1973–75; the company was bailed out by the Bank of England.[41] For Haw Par Brothers International itself, financial irregularities were exposed, for which former chairman Tarling was jailed for 6 months in 1979.[42] Since 13 December 1978, the company has been chaired by Singaporean banker, Wee Cho Yaw.[43] As of 30 March 2020, Wee, through his family investment vehicle, owns 36.23% of the company's shares.[44]
Subsidiaries, brands and products
Kwan Loong (Chinese: 均隆) originated from a different listed company of the same name (Kwan Loong & Co., Chinese: 均隆號), which was acquired in March 1972.[32] It produces medicated oil, specifically 驅風油, literally "oil that expels headaches."[nb 2]
Gallery
Former Eng Aun Tong in Singapore. Photographed in 2012
Eng Aun Tong Building in Xiamen, c. 1930s. It was nationalized by the PRC in 1949
1930s Eng Aun Tong ad
First issue of Sin Chew Jit Poh in 1929. Sin Chew Jit Poh was the product of Haw Par Brothers International from 1969 to 1971
Footnotes
↑Haw Par Brothers (Hong Kong) Limited, Haw Par Brothers Eng Aun Tong (Taiwan) Limited and Haw Par Brothers (Thailand) Limited respectively
↑Word for word, Chinese: 風 means wind, but Chinese: 頭風; lit. 'head wind' means headache; a less frequent usage was Chinese: 肚風; lit. 'stomach wind', describing not feeling well in the stomach. However, Kwan Loong and another maker of 驅風油 claimed other medical applications of the oil, such as dizziness[45] and giddiness;[46] other companies translated the oil as "universal oil", such as the oil made by Axe Brand Universal Oil.
References
↑"2016 Annual Report"(PDF). Haw Par Corporation. 28 March 2017. Retrieved 9 October 2017.
↑ 5.05.15.2Haw Par Brothers International (12 November 1969). "Prospectus". The Straits Times. Singapore. pp. 6 to 7. Retrieved 8 October 2017 – via Singapore National Library.
↑"Shares slightly off on last sales". The Straits Times. Singapore. 12 November 1969. Retrieved 8 October 2017 – via Singapore National Library.
↑"虎豹兄弟週一掛牌". Nanyang Siang Pau (in 中文). Singapore. 15 November 1969. Retrieved 9 October 2017 – via Singapore National Library.
↑"虎豹兄弟國際賣出灣仔產業得利一百五十餘萬港元". Nanyang Siang Pau (in 中文). Singapore. 15 July 1970. Retrieved 9 October 2017 – via Singapore National Library.
↑"胡文虎在福建遗产获归还 和中国联络前胡一虎不愿置评". Lianhe Zaobao (in 中文). Singapore: Singapore News and Publications. 1 June 1983. Retrieved 9 October 2017 – via Singapore National Library.
↑ 18.018.1"The Aw family". New Nation. Singapore. 23 July 1971. Retrieved 6 October 2017 – via Singapore National Library.
↑"Still a director". New Nation. Singapore. 28 July 1971. Retrieved 8 October 2017 – via Singapore National Library.
↑"虎豹兄弟國際有限公司購買烏節路四層樓大廈". Nanyang Siang Pau. Singapore. 28 April 1972 [Written on 27 April 1972]. Retrieved 9 October 2017 – via Singapore National Library.
↑"虎豹兄弟國際公司宣佈在港設一新公司計劃將業務擴展至日本". Nanyang Siang Pau (in 中文). Singapore. 8 January 1973 [Written on 7 January 1973]. Retrieved 9 October 2017 – via Singapore National Library.
↑"Haw Par clinches $83 mil deal". The Straits Times. Singapore. 19 May 1973. Retrieved 9 October 2017 – via Singapore National Library.
↑ Written at London. "虎豹兄弟國際公司出高價收購倫敦錫礦公司". Nanyang Siang Pau (in 中文). Singapore. 20 May 1973 [Written on 18 May 1973]. Retrieved 9 October 2017 – via Singapore National Library.
Former Eng Aun Tong in Singapore. Photographed in 2012
Eng Aun Tong Building in Xiamen, c. 1930s. It was nationalized by the PRC in 1949
1930s Eng Aun Tong ad
First issue of Sin Chew Jit Poh in 1929. Sin Chew Jit Poh was the product of Haw Par Brothers International from 1969 to 1971
