Bilyonaryo brothers William and Wilson Tieng have resigned as directors of investment firm Abacore Capital Holdings (ABA).
The resignation of William and Wilson Tieng effective October 6 has come as a surprise as both were re-elected for a fresh term during ABA’s annual stockholders meeting in July 2022.
The Tiengs did not elaborate on the “personal” reason for their exit.
They were replaced by Arnold R. A. Gutierrez and Vicente Rafael L. Rosales.
William is a managing director of ABA but he and his brother are the only members of the firm’s 15-member board who did not receive any per diem in 2021.
William is the chairman of the Solar group of companies which has interests in consumer goods, cable television, real estate and securities trading.