Categorized | Business, Energy

Hawaiian Electric Industries releases statement regarding potential sale

HONOLULU, Jan 07, 2011 (BUSINESS WIRE) —

Today, Hawaiian Electric Industries, Inc. (HEI) (NYSE: HE) issued the following statement in response to media inquiries regarding the potential interest of a private investor:

As a publicly traded company, we have a fiduciary obligation to our shareholders, customers and community to consider any valid proposal to purchase our company. If we receive a formal proposal, we will evaluate it, but we have nothing to date. We were contacted by Mr. Marth for the first time last night by email, but have had no discussions. As a matter of policy, HEI will not comment further on the existence or consideration of an offer in the event we receive one.

HEI supplies power to over 400,000 customers or 95% of Hawaii’s population through its electric utilities, Hawaiian Electric Company, Inc., Hawaii Electric Light Company, Inc. and Maui Electric Company, Limited and provides a wide array of banking and other financial services to consumers and businesses through American Savings Bank, F.S.B., one of Hawaii’s largest financial institutions.

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