HEI sells 90.1% of American Savings Bank for ~$405M; closes Dec 31, 2024

HAWAIIAN ELECTRIC INDUSTRIES INC

Transaction valued at ~$450M; 90.1% stake sold for ~$405M to independent investors.
Proceeds to reduce holding company debt, fund wildfire settlement contributions and utility initiatives.
ASB retains local leadership, branches and brand; HEI exits banking to focus on utility business.
Sale closed effective December 31, 2024; HEI expects greater financial flexibility and reduced equity needs.

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