Formerly | Haw Par Brothers International |
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Company type | public |
SGX: H02 | |
Predecessor |
|
Founded | 18 July 1969 |
Founder | Aw Cheng Chye and family member |
Key people | Wee Cho Yaw (chairman) |
Brands |
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Revenue | S$202 million (2016) |
S$137 million (2016) | |
S$125 million (2016) | |
Total assets | S$2.636 billion (2016) |
Total equity | S$2.476 billion (2016) |
Owner | Wee Cho Yaw family (35.86%) |
Subsidiaries | Haw Par Healthcare |
Website | www |
Footnotes /references in consolidated financial statement [1] |
Haw Par Corporation Limited | |||||||||||
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Traditional Chinese | 虎豹企業有限公司 | ||||||||||
Simplified Chinese | 虎豹企业有限公司 | ||||||||||
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Haw Par Brothers International Limited | |||||||||||
Traditional Chinese | 虎豹兄弟國際有限公司 | ||||||||||
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Eng Aun Tong | |||||||||||
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Traditional Chinese | 永安堂 | ||||||||||
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Tiger Balm | |||||||||||
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Traditional Chinese | 虎標 | ||||||||||
Literal meaning | Tiger Brand | ||||||||||
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Kwan Loong | |||||||||||
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Traditional Chinese | 均隆 | ||||||||||
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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]
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.
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.
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]
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]
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]
Sing Tao Holdings Limited was a Bermuda-incorporated company, but headquartered in Hong Kong. The company was listed in the Stock Exchange of Hong Kong. The company was a media and property conglomerate until it was dismantled in 2002. After selling the main media business and subsequent takeover in mid-2002, the legal person of the listed company, along with its property business, was renamed Shanghai Ming Yuan Holdings.
Hu is a Chinese surname. In 2006, it was the 15th most common surname in China. In 2013, it was the 13th most common in China, with 13.7 million Chinese sharing this surname. In 2019, Hu dropped to 15th most common surname in Mainland China.
Sin Chew Daily, formerly known as Sin Chew Jit Poh, is a leading Chinese-language newspaper in Malaysia. According to report from the Audit Bureau of Circulation for the period ending 31 December 2011, Sin Chew Daily has an average daily circulation of almost 500,000 copies and also the largest-selling Chinese-language newspaper outside Greater China. It is only on Sundays that the circulation of the Malay-language papers exceeds that of Sin Chew Daily.
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Haw Par Villa is a theme park located along Pasir Panjang Road in Singapore. The park contains over 1,000 statues and 150 giant dioramas depicting scenes from Chinese Literature, folklore, legends, history, and statuary of key Chinese religions, Taoism, Buddhism and Confucianism. During the 1970s and 1980s, the park was a major local attraction; it is estimated that the park then welcomed at least 1 million annual visitors, and is considered as part of Singapore's cultural heritage. As of 2018, under the park's management firm, Journeys Pte Ltd, efforts to revitalise the park are ongoing with the holding of themed events and the planning and construction of ancillary museums.
Aw Boon-Haw, OBE, was a Chinese entrepreneur and philanthropist best known as founder of Tiger Balm. He was a son of Hakka herbalist Aw Chu-Kin, with his ancestral home in Yongding County, Fujian, China.
Haw Par Mansion, better known for its public gardens known as Tiger Balm Garden or Aw Boon Haw Garden, was a mansion and gardens located at 15, Tai Hang Road, Tai Hang, Wan Chai District, Hong Kong. The Tiger Balm Garden was demolished for redevelopment in 2004. The Haw Par Mansion and its private garden have been preserved.
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Aw Sian also known as Sally Aw, OBE, DStJ, JP, is a Hong Kong businesswoman and daughter of the Burmese-born entrepreneur and newspaper proprietor Aw Boon-haw. Sally Aw was nicknamed Tiger Balm Lady as well as Chinese Howard Hughes.
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Aw Cheng ChyeS.P.M.J., B.B.M., O.St.J was a Singaporean millionaire, businessman, company director, philanthropist and son of businessman Aw Boon Par. Aw Cheng Chye himself was the chairman of Haw Par Brothers (Private) Limited and Haw Par Brothers International Limited until his sudden death on 22 August 1971 in Santiago de Chile.
Chung Khiaw Bank Limited was a Singaporean bank that was established by millionaire Aw Boon Haw and later became a subsidiary of United Overseas Bank after takeovers in 1971–72. Part of the shares of Chung Khiaw Bank was injected to a listed company Haw Par Brothers International in 1969 and was acquired by a domestic competitor United Overseas Bank (UOB) in 1971, after the parent company was takeover by Slater Walker. Chung Khiaw Bank merged with UOB in 1999.
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