Haw Par Corporation

Predecessors

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 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. 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 (the latter 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. 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. The shares started to trade in the exchange in November 1969.

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. Nevertheless, the actual price was disputed, as the buyer told the press in Hong Kong another figure.

However, a year after IPO, Aw family sold the controlling stake of the family to Slater Walker, 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. Aw Cheng Chye also bought back some of the shares from Slater Walker. Haw Par Brothers International also sold 49.8% stake of Chung Khiaw Bank to United Overseas Bank for S$22 million. Aw Cheng Chye was also re-elected as the chairman of Haw Par Brothers International despite the takeover. After the sudden death of Aw Cheng Chye during a trip in Santiago de Chile in August 1971, as well as re-election of the board of directors, it was reported that the listed company was chaired by Richard Tarling 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.