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, 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.
However, a year after IPO, Aw family sold the controlling stake of the family to Slater Walker,[9] At the same time Sin Poh (Star News) Amalgamated was privatized by Aw Cheng Chye, eldest son of the late Aw Boon Par.[10] Aw Cheng Chye also bought back some of the shares from Slater Walker.[11] Haw Par Brothers International also sold 49.8% stake of Chung Khiaw Bank to United Overseas Bank for S$22 million.[12] Aw Cheng Chye was also re-elected as the chairman of Haw Par Brothers International despite the takeover.[13] After the sudden death of Aw Cheng Chye during a trip in Santiago de Chile in August 1971,[14]
Aw Kow, 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] May Chu Harding, née Lee, was the great-granddaughter of Aw Boon Par, or granddaughter of Lee Chee Shan and Aw Cheng Hu.[22] 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.
