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Hawaiian Electric ( (HE) ) has shared an announcement.
Hawaiian Electric Industries, Inc. (HEI) has completed the sale of 90.1% of its subsidiary, American Savings Bank (ASB), to independent investors for $405 million, valuing the bank at $450 million. This transaction allows HEI to focus on its core utility business, reduce debt, and increase financial flexibility, while ASB continues as an independent bank with its current leadership and brand, enhancing its service to Hawaii customers.
More about Hawaiian Electric
Hawaiian Electric Industries, Inc. (HEI) is a company that provides energy services to much of Hawaii’s population. Through its electric utility, Hawaiian Electric, the company supplies power to approximately 95% of Hawaii’s residents. HEI is focused on decarbonizing its operations and modernizing the grid to enhance resilience and public safety. Additionally, HEI supports Hawaii’s sustainability goals through investments by its non-regulated subsidiary, Pacific Current.
YTD Price Performance: -31.36%
Average Trading Volume: 3,086,683
Technical Sentiment Consensus Rating: Strong Buy
Current Market Cap: $1.68B
Learn more about HE stock on TipRanks’ Stock Analysis page.
