Sri Lanka, Feb. 11 -- John Keells Holdings (JKH) and its management seem to be asleep at the wheel. Whether the board of the most important company in Sri Lanka realises it or not, their company and its shareholders are under threat.

Sri Lanka's billion dollar stock market bellwether now has 3 shareholders who own in aggregate greater than 40% of the voting shares of the company. These three shareholders, if they collude or sell to each other, have the ability to control the company.

The three shareholders are the Captain family, Harry Jayawardena, and the Malaysian sovereign fund. The two local shareholders, Captains and Harry Jayawardena, control in excess of 30% of the company, while the Malaysians have in excess of 10%. The two local ...