For the longest time, home-grown multinational group, Haw Par Corporation had been in laggard form. Although the business fundamentals had been consistently good over the years, the share price had been hovering way below its Net Asset Value (NAV) of $12.00. But in 2017, the share price suddenly came to life and roar ahead to reach a record high of $12.28 recently.

Founded by the Aw brothers in the early 19th century, Haw Par is well-known for its Tiger Balm oilment products. However, the family business went through a tumultuous period in the 1970s when massive irregularities almost led to a spectacular collapse of the company. The government of Singapore had …