On March 17, 2004, Central Asian Industrial Holdings, NV (CAIH) divested itself of a substantial portion of class A common shares of PetroKazakhstan Inc. (PKZ) held by it in two separate transactions with BMO Nesbitt Burns Inc. CAIH sold 5 million common shares to BMO in a block trade through the facilities of the TSX at a purchase price of $35.50 per common share for aggregate gross proceeds of $177.5 million.
On March 31, CAIH sold an additional 4 million common shares to BMO in another block trade through the facilities of the TSX at $34.25 per common share for aggregate gross proceeds of $137 million. Following such transactions, CAIH has reduced its equity position in PKZ to less than 10 per cent of the outstanding common shares.
CAIH was represented in both transactions by Fraser Milner Casgrain, with a team that included Jeffery Barnes, William Fung and Joshua Yarmus. BMO was represented by Osler, Hoskin & Harcourt, with a team that included Andrew Aziz, Lori Stein and Jaime Laskis.