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HAWAIIAN ELECTRIC INDUSTRIES INC. PLANS COMMON STOCK OFFERING

 HONOLULU, July 26 /PRNewswire/ -- Hawaiian Electric Industries Inc. (NYSE: HE) (HEI) has announced plans to sell up to 2 million new shares of common stock in an underwritten public offering. The net proceeds of this offering will be used by HEI to repay commercial paper borrowings and to make equity investments in, or advances to, its principal electric utility subsidiary, Hawaiian Electric Co. Inc.
 The offering is being managed by Smith Barney, Harris Upham & Co. Inc.; Merrill Lynch & Co.; Dean Witter Reynolds Inc.; and Edward D. Jones & Co. It is anticipated that the proposed sale of shares will commence in August. A preliminary prospectus describing the offering may be obtained from Smith Barney, Harris Upham & Co. Inc., 1345 Avenue of the Americas, New York, NY 10105.
 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.
 NOTE: A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted prior to the time the registration statement becomes effective. This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such state.
 -0- 7/26/93
 /CONTACT: Constance H. Lau, treasurer, 808-543-7384, or Gary S. Sharpe, director-investor relations, 808-543-7385, both of Hawaiian Electric/
 (HE)


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

MF-LS -- LA036 -- 5952 07/26/93 18:37 EDT
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Publication:PR Newswire
Date:Jul 26, 1993
Words:299
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