Hawaiian Electric says review of options for Pacific Current remains ongoing

Hawaiian Electric (HE) Industries announced the closing of the sale of 90.1% of the common stock of American Savings Bank, F.S.B, previously its wholly owned subsidiary, to independent investors via separate agreements. The transaction values the bank at $450M, with the investors purchasing the 90.1% of ASB common stock for an aggregate cash consideration of $405M. The company stated: “With the completion of the sale of most of its stake in ASB, HEI will operate as a simplified holding company with streamlined strategic focus on its utility, Hawaiian Electric. As an owner of 9.9% of the bank’s common stock, it is expected that HEI will no longer be subject to regulation as a savings and loan holding company. The sale of ASB provides opportunities to increase efficiency, which HEI and Hawaiian Electric will evaluate moving forward. As previously announced, HEI has been undertaking a comprehensive review of strategic options for Pacific Current, its wholly owned subsidiary, which remains ongoing.”