Case
Teaching Notes
Supplementary Resources
Abstract
Hiap Hoe is a family-controlled property group, with its flagship company, Hiap Hoe Ltd., listed on the Singapore Exchange since 2003. Teo Guan Seng, the founder, involved several of his children in the business and tried to share his love and wealth with his expanding family as much as he could. However, in 2012, he found himself in the midst of a divisive family feud. Eventually, he saw no other option than to break up the family holding company, give up his ownership, resign as Chairman, and to withdraw from the group he had so painstakingly built in the course of six decades. Even worse, his family’s squabbles were widely discussed in Singapore’s newspapers, and he was personally criticized in the media and in court. Where did this remarkable success story go wrong?
Business | Family | |
Teo Guan Seng founded Hiap Hoe and Co. | 1950s | Teo Guan Seng marries Mdm Tian Ah Poon |
1960s | Teo starts relationship with Mdm Tan | |
Hiap Hoe Holdings incorporated | 1983 | Teo Guan Seng appointed Managing Director Teo Ho Beng appointed as Director |
1980s | Teo starts relationship with Mdm Loh | |
Expansion into sports and leisure complex development through SuperBowl | 1987 | |
SuperBowl was incorporated to become SuperBowl Holdings Ptd Ltd. | 1994 | |
1998 | First family discovers existence of Mdm Loh’s family | |
1999 | Roland Teo appointed as Director | |
2002 | Mdm Tian divorces Teo | |
Hiap Hoe listing on the Singapore Exchange to form Hiap Hoe Limited | 2003 | Teo Guan Seng appointed Chairman of Hiap Hoe Ltd. Teo Ho Beng and Roland Teo appointed to the Board of Directors of Hiap Hoe Ltd. |
Hiap Hoe Limited achieved record profit of $34.6 million | 2010 | Introduction of Teo Ho San into the company Teo requests additional loans from Hiap Hoe Ltd. |
2011 | Teo Ho Beng’s son, Marc Teo, joins the company | |
2012 | Teo Guan Seng’s files lawsuit to wind up the company and retires Teo Ho Beng appointed as Chief Executive Officer and Executive Chairman of Hiap Hoe Ltd. and SuperBowl Ronald Teo appointed as Managing Director of Hiap Hoe Ltd. and SuperBowl | |
2013 | Family agrees on a settlement whereby Teo exits Hiap Hoe Holdings and resigns from his positions in the group | |
SuperBowl Holdings delisted and privatized by Hiap Hoe Ltd. Hiap Hoe Ltd. posts profits of S$ 321 million, its highest on record | 2014 | Teo Ho Kheong (Andrew) involved as key management in Hiap Hoe Ltd. (previously in SuperBowl) |
Hiap Hoe Ltd. posts a loss | 2015 | |
2016 | Teo Ho Beng’s daughter, Mabel Teo, appointed as Head of Investment | |
2017 | Teo Ho Beng’s daughter, Marc Teo, appointed as Executive Director |
Sources: company annual reports and announcements, and Tian v Teo court documents.
S$ 000 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 |
Group income statements | |||||||
Revenue | 82,726 | 107,780 | 136,422 | 240,795 | 145,668 | 136,414 | 106,580 |
Profit before taxation | 54,713 | (10,776) | 331,978 | 96,502 | 66,855 | 54,527 | 39,577 |
Net profit attributable to owners of the parent company | 45,435 | (6,874) | 321,283 | 79,953 | 57,870 | 47,436 | 34,661 |
Group balance sheet | |||||||
Non-current assets | 930,221 | 975,585 | 1,082,847 | 174,649 | 29,058 | 16,668 | 10,001 |
Current assets | 335,480 | 378,413 | 484,280 | 652,305 | 557,717 | 575,509 | 517,533 |
Current liabilities | 374,723 | 322,555 | 376,944 | 245,853 | 200,218 | 246,534 | 180,424 |
Non-current liabilities | 172,165 | 354,711 | 501,019 | 208,231 | 84,757 | 94,200 | 140,118 |
Equity attributable to owners of the parent company | 715,230 | 673,067 | 685,076 | 374,537 | 305,595 | 251,387 | 206,870 |
Per share data (cents) | |||||||
Earnings after tax (basic) | 9.66 | (1.46) | 68.28 | 16.99 | 12.30 | 10.06 | 7.33 |
Financial ratios | |||||||
Return on average shareholders’ funds (%) | 6.55 | (1.01) | 59.67 | 23.51 | 20.78 | 20.70 | 18.16 |
Debt equity ratio (times) | 0.56 | 0.76 | 0.84 | 1.00 | 0.67 | 1.08 | 1.34 |
S$ 000 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | |
Group income statements | ||||||||
Revenue | 110,480 | 29,729 | 92,220 | 50,566 | 22,763 | 38,179 | 35,128 | |
Profit before taxation | 41,622 | 8,252 | 22,966 | 16,831 | (2,294) | 562 | (8,438) | |
Net profit attributable to owners of the parent company | 34,350 | 8,291 | 19,452 | 12,588 | (2,596) | 948 | 25,752 | |
Group balance sheet | ||||||||
Non-current assets | 11,687 | 10,933 | 10,273 | 9,616 | 14,238 | 14,786 | 15,696 | |
Current assets | 590,206 | 523,399 | 205,256 | 129,073 | 102,870 | 82,032 | 104,920 | |
Current liabilities | 89,597 | 20,921 | 27,375 | 28,649 | 13,485 | 38,976 | 28,506 | |
Non-current liabilities | 337,343 | 371,793 | 72,512 | 41,043 | 46,919 | 60 | 35,439 | |
Equity attributable to owners of the parent company | 174,766 | 141,360 | 115,271 | 68,997 | 56,705 | 57,782 | 56,671 | |
Per share data (cents) | ||||||||
Earnings after tax (basic) | 9.08 | 2.46 | 6.95 | 1.11 | (0.23) | 0.09 | 2.37 | |
Financial ratios | ||||||||
Return on average shareholders’ funds (%) | 21.73 | 6.46 | 21.11 | 18.24 | (0.05) | 0.02 | 0.45 | |
Debt equity ratio (times) | 2.28 | 2.69 | 0.77 | 0.87 | 1.00 | 0.59 | 1.01 |
Source: Hiap Hoe Limited Annual Reports


Sources: Hiap Hoe Ltd. Annual Reports 2010 and 2014, Superbowl Annual Report 2010, and Accounting and Corporate Regulatory Authority of Singapore company profile of Hiap Hoe Holdings, 2014.
Board of Directors (2010) | |
Teo Guan Seng | Non-Executive Chairman |
Teo Ho Beng | Managing Director and Chief Executive Officer |
Roland Teo | Executive Director |
Cindy Lim | Director of Hiap Hoe Limited |
Chan Wah Tiong | Independent and Non-Executive Director |
Wang Kai Yuen | Independent and Non-Executive Director |
Chan Boon Hui | Independent and Non-Executive Director |
Board of Directors (2014) | |
Teo Ho Beng | Executive Chairman and Chief Executive Officer |
Roland Teo | Managing Director |
Tracy Wun | Executive Director |
Chan Wah Tiong | Lead Independent and Non-Executive Director |
Chan Boon Hui | Independent and Non-Executive Director |
Kwok Chui Lian | Independent and Non-Executive Director |

Sources: Hiap Hoe Group Announcements and Annual Reports, The Straits Times, and Tian v Teo.