Sunseeker China reorganises
Published: Wednesday, 08 May 2013
Sunseeker China, which holds the rights for dealership appointments, distribution and marketing in mainland China, has been re-organised in a buyout scheme that saw the creation of a second Sunseeker China, while marginalising the original Sunseeker China. Under the terms of the deal that the new company has made with Sunseeker International, the new Sunseeker China retains all the commercial rights to trade in Sunseeker yachts, and has the rights to all of mainland China, though these are not exclusive.
Michael Chen, COO of the new Sunseeker China, confirmed that the major shareholder in both firms is the same person, and that the creation of the new firm was largely an effort to oust Traugott Kaminski, CEO of the old Sunseeker China, which continues as a legal entity, but is not entitled to any new commercial transactions with Sunseeker Yachts. Apart from the sole majority shareholder, there are no other connections between the two firms, Chen said.
Chen also made clear that the new Sunseeker China, under new CEO Stephen Sun, will be looking for ways to cooperate with Sunseeker Asia, possibly along the lines that national dealerships use in Europe. The new company was formed up just after the Chinese Lunar New Year, during which time the company signed its distribution agreement with Sunseeker International for a period of three years. “After this period, we may have sole rights again to mainland China,” Chen said.