CAIH announces appointment of independent committee by Hurricane Hydrocarbons Ltd.

Apr 18, 2001, 01:00 ET from Central Asian Industrial Holdings, N.V.

    TORONTO, CANADA, April 18 /PRNewswire/ - Mr. Askar M. Alshinbaev,
 Managing Director of Central Asian Industrial Holdings, N.V. ("CAIH"), today
 released the following statement:
     "We have been informed that the Board of Directors of Hurricane
 Hydrocarbons Limited (TSE: HHL.A) has formed an independent committee. This
 Committee will be responsible for the appointment of an independent valuator
 and to supervise the preparation of a formal valuation.
     "We are pleased that Hurricane directors have accepted our
 recommendation. Its work will allow Hurricane shareholders to receive and
 consider the proposal issued by CAIH after the close of trading on April 12,
 2001 to acquire 18.4 million Common Shares of HHL at CDN$10.25 per share.
     "Once an independent valuation is received, CAIH will mail a formal offer
 to Hurricane shareholders."
 
     About CAIH
     CAIH is a Netherlands Antilles-based investment holding company
 associated with the Kazkommertsbank group of companies in Kazakhstan. CAIH
 currently focuses its investment activities on companies operating in
 Kazakhstan in oil and gas, power generation and telecommunications. Besides
 its 30% share ownership in HHL, CAIH holds a 35% share in Nelson Resources
 Limited, a TSE-listed company with oil and gas interests in Kazakhstan.
 
     Kazkommertsbank is Kazakhstan's leading private bank engaged in banking
 and financial services. Its shares are listed in Kazakhstan and London.
 
 

SOURCE Central Asian Industrial Holdings, N.V.
    TORONTO, CANADA, April 18 /PRNewswire/ - Mr. Askar M. Alshinbaev,
 Managing Director of Central Asian Industrial Holdings, N.V. ("CAIH"), today
 released the following statement:
     "We have been informed that the Board of Directors of Hurricane
 Hydrocarbons Limited (TSE: HHL.A) has formed an independent committee. This
 Committee will be responsible for the appointment of an independent valuator
 and to supervise the preparation of a formal valuation.
     "We are pleased that Hurricane directors have accepted our
 recommendation. Its work will allow Hurricane shareholders to receive and
 consider the proposal issued by CAIH after the close of trading on April 12,
 2001 to acquire 18.4 million Common Shares of HHL at CDN$10.25 per share.
     "Once an independent valuation is received, CAIH will mail a formal offer
 to Hurricane shareholders."
 
     About CAIH
     CAIH is a Netherlands Antilles-based investment holding company
 associated with the Kazkommertsbank group of companies in Kazakhstan. CAIH
 currently focuses its investment activities on companies operating in
 Kazakhstan in oil and gas, power generation and telecommunications. Besides
 its 30% share ownership in HHL, CAIH holds a 35% share in Nelson Resources
 Limited, a TSE-listed company with oil and gas interests in Kazakhstan.
 
     Kazkommertsbank is Kazakhstan's leading private bank engaged in banking
 and financial services. Its shares are listed in Kazakhstan and London.
 
 SOURCE Central Asian Industrial Holdings, N.V.