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HAWAIIAN ELECTRIC INDUSTRIES INC. DECLARES 30TH CONSECUTIVE ANNUAL DIVIDEND INCREASE

 HONOLULU, Oct. 19 /PRNewswire/ -- The board of directors of Hawaiian Electric Industries Inc. (NYSE: HE) today increased the regular quarterly cash dividend by 1 cent to 58 cents per share, payable Dec. 10 to common stockholders of record at the close of business on Nov. 10. The dividend is equivalent to an annual rate of $2.32 per share.
 With the increase, HEI and its predecessor company have paid higher dividends each year since 1964. Dividends have been paid continuously since 1901. At the indicated annual dividend rate and the closing share price on Monday, Oct. 18, of $38.50, HEI's yield is 6.0 percent.
 "Dividend income is important to our stockholders," said Robert F. Clarke, HEI president and chief executive officer. "We are pleased that our board has extended the company's long record of dividend increases."
 Clarke said that management remains focused on balancing short- and long-term goals. Over the next three to five years, HEI plans to retain more earnings to reinvest in and grow its core businesses.
 "Growth in earnings is key to long-term dividend growth," Clarke said. "Our long-term goal is to maintain the purchasing power of HEI stockholders by increasing dividends to at least keep pace with inflation."
 Hawaiian Electric Industries is a diversified electric utility holding company that delivers essential services to the people of Hawaii through its electric utility, savings bank, maritime freight transportation and real estate development subsidiaries.
 -0- 10/19/93
 /CONTACT: Constance H. Lau, treasurer, 808-543-7384, or Gary S. Sharpe, director-investor relations, 808-543-7385/
 (HE)


CO: Hawaiian Electric Industries Inc. ST: Hawaii IN: UTI SU: DIV

LM-JB -- LA041 -- 4199 10/19/93 16:44 EDT
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Publication:PR Newswire
Date:Oct 19, 1993
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