Haw Par Corporation

Haw Par Corporation is a Singapore-listed diversified company whose best-known business is Tiger Balm, a range of topical analgesic balms, ointments, liniments and related healthcare products. The group also has interests in pharmaceuticals and healthcare products, leisure attractions, property and investments. Its corporate history is closely connected with the Aw family, the founders and early owners of the Tiger Balm and Eng Aun Tong businesses, and with the commercial development of Singapore and other Chinese communities in Asia during the twentieth century. The roots of the business lie in Eng Aun Tong, the traditional medicine enterprise established by Aw Chu Kin and subsequently expanded by his sons Aw Boon Haw and Aw Boon Par. The Tiger Balm name became the family’s most recognizable commercial asset, while the family also developed Tiger Balm Gardens and other properties and media interests. In 1969, Haw Par Brothers International Limited was incorporated to place much of the family’s business assets into a listed corporate structure. Its shares began trading on the Stock Exchange of Malaysia and Singapore in November of that year. The company’s early listed history was marked by major asset sales, acquisitions and changes in control. In 1970, it sold the Eng Aun Tong building in Hong Kong to raise funds for its Hong Kong operations. In 1971, the Aw family sold control to the British financial group Slater Walker, which sought to transform Haw Par from a family-controlled holding company into a broader investment and operating enterprise. During this period, the group pursued expansion into insurance, construction, property, pharmaceuticals, Japan and overseas investments. It also obtained a secondary listing in Hong Kong and London and acquired Kwan Loong & Co., a Hong Kong company associated with medicated oils. The Slater Walker period ended amid the financial group’s collapse following the secondary banking crisis of the 1970s. Financial irregularities at Haw Par were subsequently investigated, and former chairman Richard Tarling was later imprisoned. The episode substantially changed the company’s ownership and governance. Since 1978, Singaporean banker Wee Cho Yaw has served as chairman, and the Wee family has remained a significant shareholder through investment vehicles. In its contemporary form, Haw Par is more focused than the expansive conglomerate assembled during the early 1970s. Healthcare remains the group’s defining consumer business, with Tiger Balm as its flagship brand and Kwan Loong as another medicated-oil brand. The group has also operated leisure attractions, including Underwater World Singapore at Sentosa and Underwater World Pattaya in Thailand. The Singapore attraction eventually closed, while the group’s broader portfolio has included property holdings and investments. Haw Par therefore combines a globally recognized consumer-healthcare trademark with a smaller set of leisure, property and investment activities. Its strategic identity is that of a diversified Singaporean holding company anchored by an iconic heritage healthcare brand.

Haw Par Corporation developed from the commercial assets associated with Eng Aun Tong and the Aw family. Eng Aun Tong was founded by Aw Chu Kin and later expanded by his sons Aw Boon Haw and Aw Boon Par across Singapore, Hong Kong, Southeast Asia and other Chinese communities in Asia. The family’s business interests included traditional medicines, the Tiger Balm trademark, newspapers, banking investments and property. Aw Boon Haw also established Tiger Balm Gardens in several locations as public attractions and family-linked commercial properties. A private holding company, Haw Par Brothers (Private) Limited, was incorporated in 1932 to hold a large part of the family’s assets. On 18 July 1969, Haw Par Brothers International Limited was incorporated to bring many of those assets into a listed company. The portfolio included Eng Aun Tong and Tiger Balm products, media interests in Singapore and Malaysia, subsidiaries in several Asian markets, an investment in Chung Khiaw Bank and arrangements connected with the Tiger Balm Gardens. The company’s shares began trading in November 1969. The first years as a public company involved substantial restructuring. In 1970, Haw Par sold the Eng Aun Tong building in Hong Kong to provide capital for its subsidiary and investment activities. Within roughly two years of the flotation, the Aw family sold control to Slater Walker. The new controller promoted a more expansive corporate strategy, including further listings, acquisitions and diversification outside traditional healthcare. Haw Par acquired interests connected with insurance, construction, property and overseas investments. It also established or expanded operations in Japan, invested in London Tin Corporation and purchased Kwan Loong & Co., a Hong Kong business associated with Chinese medicated oils. The transition was accompanied by family conflict. Following the death of Aw Cheng Chye in 1971, disputes involving family members and the private holding company continued. Aw Kow brought a legal action in 1972 concerning access to accounts and financial statements; the dispute was settled in 1977 in his favour according to the historical record. The changing relationship between family-held assets and the listed company also affected the Tiger Balm Gardens and other properties. The remaining Hong Kong garden property was ultimately sold to Cheung Kong in 1998, while the mansion was donated to the Hong Kong Government. Slater Walker’s financial collapse after the secondary banking crisis of 1973–75 created a major crisis for Haw Par. Financial irregularities were exposed, and Richard Tarling, a former chairman, was imprisoned for six months in 1979. Governance subsequently stabilized under Singaporean banker Wee Cho Yaw, who became chairman in December 1978. The Wee family later became a substantial shareholder through its investment interests. Over time, Haw Par reduced the emphasis on the highly leveraged and wide-ranging investment strategy of the early 1970s. The company retained its core healthcare identity through Tiger Balm and Kwan Loong, while continuing to hold interests in leisure, property and investments. Its leisure operations included Underwater World Singapore at Sentosa and Underwater World Pattaya in Thailand. Underwater World Singapore later ceased operations. In the modern period, Haw Par is best understood as a diversified Singaporean listed group whose most visible international asset is the Tiger Balm brand.

• 1998

  Final portion of Tiger Balm Garden property is sold

  [1]Haw Par Corporationen.wikipedia.org

  The remaining Hong Kong Tiger Balm Garden property was sold to Cheung Kong, while the mansion was donated to the Hong Kong Government.

• 1978

  Wee Cho Yaw becomes chairman

  [1]Haw Par Corporationen.wikipedia.org

  Wee Cho Yaw became chairman during the restructuring that followed the Slater Walker crisis.

• 1972

  Kwan Loong acquisition

  [1]Haw Par Corporationen.wikipedia.org

  Haw Par acquired Kwan Loong & Co., adding a medicated-oil business to its healthcare portfolio.

• 1971

  Slater Walker assumes control

  [1]Haw Par Corporationen.wikipedia.org

  Control passed from the Aw family to Slater Walker, which pursued broader international and investment activities.

• 1969

  Haw Par Brothers International is incorporated and listed

  [1]Haw Par Corporationen.wikipedia.org

  The listed company was incorporated on 18 July and its shares began trading on the Stock Exchange of Malaysia and Singapore in November.

• 1932

  Haw Par Brothers (Private) is incorporated

  [1]Haw Par Corporationen.wikipedia.org

  The Aw family incorporated a private holding company for a substantial portion of its business and family assets.

A Singapore-based diversified holding company anchored by heritage consumer-healthcare brands, especially Tiger Balm.

• Topical analgesics

  Tiger Balm

  Tiger Balm is Haw Par’s signature healthcare brand. Its product family includes topical balms, ointments and liniments traditionally used for temporary relief of minor aches, muscular discomfort and related symptoms. The brand’s red and white balm variants are among the most recognizable consumer-healthcare products associated with Singapore and Southeast Asian commercial history. Tiger Balm is sold through international markets and remains the central consumer-facing asset of Haw Par.

• Medicated oil

  Kwan Loong

  Kwan Loong is a medicated-oil brand acquired through Haw Par’s purchase of Kwan Loong & Co. in 1972. Its principal product is a traditional oil marketed for uses associated with headache, muscular discomfort and other everyday ailments. The brand complements Tiger Balm within Haw Par’s portfolio of heritage topical and traditional healthcare products.

• Leisure attraction

  Underwater World

  Underwater World was the name used for oceanarium attractions operated by the Haw Par Group. The group owned and operated Underwater World Singapore at Sentosa and Underwater World Pattaya in Thailand. The Singapore attraction is now defunct, while the attractions illustrate Haw Par’s historical diversification from healthcare products into leisure and destination businesses.

• 1970

  Financial irregularities during the Slater Walker era

  After Slater Walker collapsed during the secondary banking crisis of the 1970s, financial irregularities involving Haw Par were exposed. Former chairman Richard Tarling was subsequently imprisoned for six months in 1979.

  Source

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• 1972

  Acquire Kwan Loong & Co.M&A

  Background

  Haw Par sought to expand its healthcare and traditional-medicine portfolio beyond Tiger Balm.

  Action taken

  The company acquired Hong Kong-listed Kwan Loong & Co. and its medicated-oil business.

  Aftermath

  Kwan Loong became a complementary healthcare brand within Haw Par’s portfolio.

  Source

• 1971

  Accept Slater Walker controlM&A

  Background

  The listed company was still closely connected to the Aw family, but the family sold its controlling stake after the initial public offering.

  Action taken

  Slater Walker acquired control and redirected Haw Par toward a broader business and investment strategy.

  Aftermath

  The group expanded into multiple sectors and overseas markets before the Slater Walker collapse produced a governance and financial crisis.

  Source

• 1969

  Create a listed holding companyStrategy

  Background

  The Aw family sought to place a large portion of its healthcare, media, property and investment assets into a public corporate structure.

  Action taken

  Haw Par Brothers International Limited was incorporated and listed on the Stock Exchange of Malaysia and Singapore.

  Aftermath

  The flotation created the corporate platform that later became Haw Par Corporation, although ownership changed soon afterward.

  Source

1. 1Haw Par Corporationen.wikipedia.org
2. 2Haw Par Corporation official websitehawpar.com