<PAGE>
================================================================================
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 3, 1998
================================================================================
<TABLE>
<CAPTION>
Exact Name of Registrant Commission I.R.S. Employer
as Specified in Its Charter File Number Identification No.
- --------------------------- ----------- ------------------
<S> <C> <C>
Hawaiian Electric Industries, Inc. 1-8503 99-0208097
</TABLE>
================================================================================
State of Hawaii
----------------------------------------------
(State or other jurisdiction of incorporation)
900 Richards Street, Honolulu, Hawaii 96813
----------------------------------------------------------------
(Address of principal executive offices and zip code)
Registrant's telephone number, including area code: (808) 543-5662
None
-----------------------------------------------
(Former name or former address, if changed since last report.)
================================================================================
<PAGE>
Item 5. Other Events
On September 3, 1998, HEI issued the following news release:
HAWAIIAN ELECTRIC INDUSTRIES, INC. SUBSIDIARY ACQUIRES 60% INTEREST IN POWER
PLANT IN CHINA
HONOLULU -- Hawaiian Electric Industries, Inc. (NYSE - HE) announced
today that its international power subsidiary, HEI Power Corp. (HEIPC), has
acquired an effective 60% interest in a joint venture formed to construct and
operate a 206-megawatt (net) coal-fired power plant in Inner Mongolia, People's
Republic of China (PRC). The power plant is being built "inside the fence" for
Baotou Iron & Steel (Group) Co., Ltd. (BaoGroup). Construction has commenced
and the first of the two units is expected to be online by mid-2000, and the
second by the end of 2000.
"This investment firmly establishes HEI Power Corp.'s presence as an
independent power producer in China," said Robert F. Clarke, HEI president and
chief executive officer. "Many independent power producers have tried to
develop power projects in China, but results have been mixed. By focussing on
niche markets important to China's industrial development and supported by state
policy, HEI Power Corp. can participate in the PRC's growing energy market and
has the potential to become a significant contributor to HEI earnings in a few
years."
"Our efforts to solidify formal ties with key government and business
leaders in China and explore opportunities for Hawaii firms are beginning to pay
off," said Benjamin Cayetano, Governor of the State of Hawaii. "I applaud HEI
for paving the way for other Hawaii businesses to export their services and
expertise to Asia and Pacific Rim countries. My administration will continue
to open doors to help Hawaii firms like HEI become major players in our global
economy."
BaoGroup is a 25% partner in the joint venture and will purchase all the
electricity generated. Ownership of the plant will be transferred without
charge to BaoGroup 20 years from now. BaoGroup is the fifth largest steel
company in China and also controls more than three-fourths of the world's rare
earth deposits. The state-owned enterprise is the largest company in the Inner
Mongolia Autonomous Region. Its current demand of 400 megawatts for power is
expected to exceed 700 megawatts by 2000, following a major plant expansion
utilizing state of the art German continuous casting and rolling mill
technology.
The remaining 15% of the project is effectively owned by United Power
Pacific Company Limited (UPP), a privately held Hong Kong company, whose
principals have been involved in processing crude oil in China since 1991.
UPP's affiliate, Pacific Point Company Limited, developed the project and was
instrumental in securing PRC government approvals and support for the project to
bring it to its advanced stage of development.
HEIPC was advised in the transaction by Power Pacific Company (PPC), an
independent power development company experienced in the China market. PPC has
successfully developed six other Chinese power projects on behalf of other
international clients. PPC is unrelated to UPP.
The acquisition is the second power plant project announced by HEIPC.
HEIPC completed the refurbishment of the 50-megawatt Tanguisson power plant for
the Guam Power Authority and is now operating the plant under a 20-year
agreement.
"We're continuing to demonstrate that Hawaii has a special place in
economic development throughout the Asia-Pacific region," Clarke added.
HEIPC has now committed to invest approximately $115 million in
international power projects. None of the funds will come from HEI's utility,
banking or other subsidiaries.
1
<PAGE>
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 smaller subsidiaries include maritime
freight transportation, residential real estate development and passive
investments. HEIPC was formed in 1995 to pursue independent power and
integrated energy services projects in Asia and the Pacific.
FORWARD-LOOKING INFORMATION
THIS RELEASE CONTAINS FORWARD-LOOKING STATEMENTS WITHIN THE MEANING OF SECTION
21E OF THE SECURITIES EXCHANGE ACT OF 1934. EXCEPT FOR HISTORICAL INFORMATION
CONTAINED HEREIN, THE MATTERS SET FORTH ARE FORWARD-LOOKING STATEMENTS THAT
INVOLVE CERTAIN RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO
DIFFER MATERIALLY FROM THOSE IN THE FORWARD-LOOKING STATEMENTS. POTENTIAL RISKS
AND UNCERTAINTIES INCLUDE, BUT ARE NOT LIMITED TO, SUCH FACTORS AS THE EFFECT OF
INTERNATIONAL, NATIONAL AND LOCAL ECONOMIC CONDITIONS, POLITICAL RISKS INHERENT
IN DOING BUSINESS IN A DEVELOPING COUNTRY; THE TIMING AND EXTENT OF CHANGES IN
INTEREST RATES AND FOREIGN CURRENCY EXCHANGE RATES; THE CONVERTIBILITY AND
AVAILABILITY OF FOREIGN CURRENCY; THE EFFECTS OF WEATHER AND NATURAL DISASTERS;
CAPACITY AND SUPPLY CONSTRAINTS OR DIFFICULTIES; NEW TECHNOLOGICAL DEVELOPMENTS;
GOVERNMENTAL ACTIONS; THE RESULTS OF FINANCING EFFORTS; AND THE TIMING OF THE
DEVELOPMENT AND CONSTRUCTION OF THE PROJECT. INVESTORS ARE ALSO REFERRED TO
OTHER RISKS AND UNCERTAINTIES DISCUSSED IN OTHER PERIODIC REPORTS FILED BY HEI
IN 1998 WITH THE SECURITIES AND EXCHANGE COMMISSION.
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
-----------------------
Robert F. Mougeot
Financial Vice President and
Chief Financial Officer of HEI
(Principal Financial Officer of HEI)
Date: September 3, 1998
2
