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HAWAIIAN ELECTRIC INDUSTRIES INC. SELLS 1.75 MILLION COMMON SHARES

    HONOLULU, Aug. 12 /PRNewswire/ -- Hawaiian Electric Industries Inc. (NYSE: HE) today announced the sale of 1.75 million new shares of common stock at a price of $37.25 per share in a public offering managed by Smith Barney Shearson; Merrill Lynch & Co.; Dean Witter Reynolds Inc.; and Edward D. Jones & Co.
    Proceeds from the sale, which will close Aug. 19, will be used to invest in or make advances to HEI's principal subsidiary, Hawaiian Electric Co. Inc., and to repay HEI's outstanding commercial paper.  A total of 2 million shares could be sold if the underwriters exercise an option to purchase an additional 250,000 shares to cover over- allotments.
    Hawaiian Electric Industries is a diversified electric utility holding company that delivers essential services to the people of Hawaii through its utility, savings bank, maritime freight transportation and real estate subsidiaries.
    -0-             08/12/93
    CONTACT:  Constance H. Lau, treasurer, 808-543-7384, or Gary S. Sharpe, director of investor relations, 808-543-7385, both of Hawaiian Electric Industries
    (HE) CO:  HAWAIIAN ELECTRIC INDUSTRIES INC. IN:  UTI ST:  HI


-- LA037 -- X463 08/12/93
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Publication:PR Newswire
Date:Aug 12, 1993
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