Haw Par Corporation

Haw Par Corporation Limited

Company type	Public
Industry	Healthcare, pharmaceuticals, leisure products, real estate, investments
Founded	July 18, 1969 (1969-07-18)
Headquarters	Singapore , Singapore
Products	Tiger Balm liniment, Kwan Loong medicated oil

Haw Par Corporation Limited is a Singaporean enterprise engaged in sectors such as healthcare, pharmaceuticals, leisure products, real estate, and investments. The company is widely recognized for its Tiger Balm liniment and also offers products under the Kwan Loong label. Additionally, it operates various leisure venues, including oceanariums.

The corporation owns two oceanariums: the now-defunct Underwater World located on Sentosa Island and Underwater World Pattaya in Thailand.

Origins

Haw Par Corporation’s origins trace back to Eng Aun Tong, established by Aw Chu Kin, the father of brothers Aw Boon Haw and Aw Boon Par. Eng Aun Tong moved its base to Singapore and expanded its presence within Chinese communities throughout Asia. Aw Boon Haw was responsible for creating the Tiger Balm Gardens (also known as Haw Par Villas) in Hong Kong, Singapore, and Yongding District in China. In 1932, Haw Par Brothers (Private) Limited was formed as a holding company to consolidate most of the family’s assets.

Foundation, Public Listing, and Family Conflicts

Haw Par Brothers International Limited was founded on 18 July 1969 by members of the Aw family with the purpose of listing most of Haw Par Brothers (Private) Limited’s assets on the Malaysian and Singapore Stock Exchanges. These assets included the Eng Aun Tong brand and Tiger Balm product lines, Sin Poh (Star News) Amalgamated’s publishing business (which later evolved into SPH Media and Media Chinese International), as well as subsidiaries in Hong Kong, Taiwan, and Thailand. The company also held shares in Chung Khiaw Bank and leased Tiger Balm Gardens in both Hong Kong and Singapore from a private entity. Shares became available for trading in November 1969.

In 1970, to finance investments in its Hong Kong subsidiary, the company sold the Eng Aun Tong building in Hong Kong for HK$2.8 million; however, the transaction value was contested.

One year following the initial public offering, control of the company shifted from the Aw family to Slater Walker. Simultaneously, Sin Poh (Star News) Amalgamated was taken private by Aw Cheng Chye—the eldest son of Aw Boon Par—who also reacquired some shares from Slater Walker. Haw Par Brothers International divested its 49.8% stake in Chung Khiaw Bank to United Overseas Bank for S$22 million. Aw Cheng Chye maintained his position as chairman until his unexpected passing in August 1971; Richard Tarling succeeded him as chairman of the listed entity, while Haw Par Brothers (Private) Limited was chaired by Aw It Haw, son of Aw Boon Haw.

In 1971, Aw Kow—the eldest adopted son of Aw Boon Haw—resigned from his roles as director at Sin Poh (Star News) Amalgamated and managing director at Sin Chew Jit Poh due to conflicts related to personal investments. The following year, he initiated legal action against Haw Par Brothers (Private) Limited accusing them of denying access to financial documentation and misappropriating company funds during Aw Cheng Chye’s leadership; this lawsuit concluded with a ruling favorable to him in 1977.

The autobiography Escape from Paradise, authored by John & May Chu Harding—descendants of Aw Boon Par—reveals that Aw Cheng Chye’s choice to publicly list Haw Par Brothers International faced opposition within parts of the family. Lee Chee Shan, who served as president of Chung Khiaw Bank in 1971, was also connected to this family line.

During Aw Cheng Chye’s tenure, Haw Par Brothers (Private) sought to sell the Hong Kong Tiger Balm Garden beginning in 1961; ultimately, the final portion was sold to Cheung Kong Holdings in 1998, with the principal mansion donated to the Hong Kong Government.

Growth during Slater Walker Ownership

Following the acquisition of Haw Par Brothers International by Slater Walker in June 1971, the company transitioned from a family-owned enterprise into a corporate entity. In November 1971, Slater Walker divested a 20% share to its affiliate, Australian Industrial and Mining Corporation (Austim), and proceeded with a secondary listing on both the Hong Kong and London Stock Exchanges. Earlier, in August 1971, Austim transferred a 55% interest in Motor and General Investment Underwriters Holdings Singapore to Haw Par Brothers International. Additionally, in September 1971, the company revealed intentions to purchase Scott & English, a Singapore-based construction firm.

By January 1972, after the departures of Lee Aik Sim and Aw Cheng Sin, Haw Par Brothers (Thailand) was sold to Jack Chia, who then partnered with Haw Par Brothers International to jointly utilize the "Tiger Balm" trademark. In March 1972, Haw Par expanded by acquiring Kwan Loong & Co., a Chinese medicine company listed in Hong Kong, which Slater Walker subsequently repurposed as an investment entity named Slater Walker Securities (Hong Kong).

In April 1972, Haw Par Brothers International made a calculated property investment at 302 Orchard Road. The company's expansion continued into Japan by 1973 and included securing a 29% holding in London Tin Corporation, a firm listed in London, with funding obtained through recapitalization efforts. This stake was eventually sold off in 1976, and the associated London sub-holding company was disposed of in 1982 as part of a broader streamlining initiative.

Downfall of Slater Walker

Slater Walker's parent company faced collapse amid the secondary banking crisis of 1973–75 and required intervention through a bailout by the Bank of England. Investigations uncovered financial misconduct within Haw Par Brothers International, resulting in the former chairman Tarling receiving a six-month prison sentence in 1979. Since 13 December 1978, leadership has been under Singaporean banker Wee Cho Yaw, who as of 30 March 2020 controls a 36.23% ownership stake in Haw Par through his family’s investment vehicle.

Subsidiaries, Brands, and Products

Kwan Loong (), acquired in March 1972 from its publicly listed predecessor, manufactures a medicated oil known as , which translates to "oil that relieves headaches." This product is promoted for various uses such as alleviating dizziness and vertigo. Some companies market it under names like "universal oil," akin to Axe Brand Universal Oil.