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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: August 4, 1999
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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
On August 4, 1999, HEI issued the following news release:
HAWAIIAN ELECTRIC INDUSTRIES, INC. SELLING MARITIME FREIGHT TRANSPORTATION
OPERATIONS
HONOLULU -- Hawaiian Electric Industries, Inc. (NYSE - HE) today announced
that it has signed an agreement for the sale of Young Brothers, Limited and
most of the assets of Hawaiian Tug & Barge Corp. to Saltchuk Resources, Inc.
of Seattle, Washington. The sale is subject to several conditions including
completion by buyer of a due diligence review and the approval of the Hawaii
Public Utilities Commission.
"We are pleased that Young Brothers and Hawaiian Tug & Barge improved
services for the people of Hawaii during HEI's ownership. Our maritime
freight transportation companies have spent over $60 million for new
equipment since 1986," said Robert F. Clarke, Chairman, President and Chief
Executive Officer.
"It makes sense for Young Brothers and Hawaiian Tug & Barge to be owned by
a company that specializes in the maritime freight transportation business.
We are delighted that we have signed an agreement with a very responsible
company with a good reputation that should ensure the continuation of
reliable maritime transportation services for the people of Hawaii," Clarke
said.
The sale will result in an after-tax loss of about $2 million for HEI.
The buyer, Saltchuk Resources Inc., a holding company, operates liner
services to Alaska and Puerto Rico, as well as tug and barge services on the
U.S. West Coast.
HEI is a diversified holding company that delivers essential services to
the people of Hawaii. Its core businesses are electric utilities and a
savings bank. HEI also has a subsidiary that is involved with independent
power and integrated energy services projects in Asia and the Pacific.
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: August 4, 1999
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