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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report: September 14, 1998
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Exact Name of Registrant Commission I.R.S. Employer
as Specified in Its Charter File Number Identification No.
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Hawaiian Electric Industries, Inc. 1-8503 99-0208097
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State of Hawaii
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(State or other jurisdiction of incorporation)
900 Richards Street, Honolulu, Hawaii 96813
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(Address of principal executive offices and zip code)
Registrant's telephone number, including area code: (808) 543-5662
None
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(Former name or former address, if changed since last report.)
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Item 5. Other Events
A. On September 15, 1998, HEI issued the following news release:
HAWAIIAN ELECTRIC INDUSTRIES, INC. ANNOUNCES PLAN TO EXIT RESIDENTIAL REAL
ESTATE BUSINESS
HONOLULU -- Hawaiian Electric Industries, Inc. (NYSE - HE) today announced that
it plans to discontinue the operations of its residential real estate group.
The Company expects to record in the third quarter an after-tax loss from the
discontinued operations of $23.5 million, or $0.73 per share.
"When Hawaii's residential real estate market slowed several years ago, our real
estate company shifted its focus to increase cash flow and reduce invested
capital by building out and selling existing projects. No new projects have
been started since 1995," said Robert F. Clarke, HEI chairman, president and
chief executive officer. "We've now reached a point where it appears that a
recovery in the real estate market may be several years off. Under these
circumstances we believe it is in the best interests of our shareholders to
write-down our remaining real estate assets, discontinue our operations and
redeploy our cash to our other lines of business."
Malama, through its subsidiaries and various partnerships, currently has five
residential projects on the islands of Oahu, Maui, and Hawaii. Malama's
subsidiaries will wind-up its operations and plans for an orderly disposition of
its assets. Since the real estate group was formed in 1985, it has developed
over 1,000 homes and lots for Hawaii's people.
Hawaiian Electric Industries is a diversified holding company that delivers
essential services to the people of Hawaii. Its core businesses are electric
utilities and a savings bank. Other subsidiaries are involved in maritime
freight transportation, passive investments and the pursuit of independent power
and integrated energy services projects in Asia and the Pacific.
B. On September 14, 1998, the Hawaiian Electric Industries, Inc. (HEI) Board of
Directors appointed HEI President and Chief Executive Officer Robert F. Clarke
as Chairman of the Board.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
HAWAIIAN ELECTRIC INDUSTRIES, INC.
(Registrant)
/s/ Robert F. Mougeot
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Robert F. Mougeot
Financial Vice President and
Chief Financial Officer of HEI
(Principal Financial Officer of HEI)
Date: September 15, 1998
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