Hawaiian Electric Sells Stake in American Savings Bank for Settlement Funds
What happened
Hawaiian Electric Industries disclosed that it sold nearly a third of its stake in American Savings Bank during the bank's initial public offering on the New York Stock Exchange. The company received $29.5 million after transaction fees from the sale of about 2 million shares, representing roughly a 3% stake in American Savings Bank. Before this public offering, Hawaiian Electric Industries owned 9.9% of the bank after purchasing the remaining shares from private investors on December 31, 2024.
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Why it matters
The sale was part of Hawaiian Electric Industries' plan to liquidate assets and raise capital needed for future payments related to the Maui wildfire settlement. This settlement resolves litigation over the August 8, 2023, disaster, which resulted in 102 deaths and claims ranging from $12 billion to $15 billion for damages.
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Who's involved
- American Savings BankA publicly traded financial institution operating in Hawaii.
- Hawaiian Electric IndustriesA utility company that was a private shareholder of American Savings Bank.
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The entities involved
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American Savings Bank
Hawaii's third-largest financial institution
Nothing else this week.
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Hawaii
state of the United States of America
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Maui
second-largest of the Hawaiian Islands, in the United States