Hawaiian Electric Raises $29.5 Million From American Savings Bank Stake Sale

MT newswire2026/09/21 10:37

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06:37 AM EDT, 09/21/2026 (MT Newswires) -- Hawaiian Electric (HE) raised $29.5 million from selling about 2 million American Savings Bank (ASBH) shares, with proceeds expected to reduce future capital needs for Maui wildfire settlement payments, the company said Monday. The company monetized 30% of its 9.9% American Savings Bank stake as part of ASB's initial public offering on Sept. 16, the company said. Underwriters have a 30-day option to purchase an additional 293,904 shares, providing HEI with another $4.4 million in net proceeds if fully exercised. HEI said its remaining 6.4% ASB stake was valued at about $73.5 million based on ASB's Sept. 18 closing price of $17.57, it added.

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