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Hawaiian Electric Industries makes equity contribution to subsidiary

Hawaiian Electric Industries Inc. made a $70.7 million equity contribution to subsidiary Hawaiian Electric Co. Inc., according to a Form 8-K filing.

In return, Hawaiian Electric issued 609,272 common shares to the parent company. The subsidiary plans to the sale proceeds to reimburse funds that were used for the payment of capital expenditures.

The transaction will allow Hawaiian Electric to maintain its targeted capital structure.