SINGAPORE - The former chairman of Fraser and Neave Group (F&N) Dr Michael Fam has died on Saturday morning.
Dr Fam, 87, died of end-stage prostate cancer at 10.05am, according to a report by Channel News Asia.
The Straits Times said that his family members were present when Dr Fam died in his home off Bukit Timah Road.
As Chairman of F&N during the economic downturn of 1985, Dr Fam led F&N and its associate Malayan Breweries through a $160 million expansion programme.
Dr Fam was subsequently presented the inaugural Businessman of the Year award in the same year by Mr Goh Chok Tong, who was then First Deputy Prime Minister.
Dr Fam was F&N chairman for more than 20 years until Oct 2007, when he handed the reins of the company to Mr Lee Hsien Yang.
Besides being a shrewd businessman, Dr Fam was also a philanthropist.
In 2009, the retired businessman was the individual donor who contributed the most to Community Chest, with a $100,000 contribution.
Early this year, he was part of 16 firms and individuals who donated $2.5 million to NTU to set up a professorship in food science and technology.
Dr Fam is is survived by his wife Dulcie, son Richard and daughter Anita.