By Pacific Business News (Honolulu) acceptable profit for investors, according to interviews with Peck and Marth. Hawaiian Electric Industries posted a profit of $32.9 million on sales of $694.5 million for the three months ending Sept. 30, according to a filing with the Securities and Exchange Commission. During that quarter, the company paid a 31-cent dividend to its common shareholders. It earned $88.8 million on revenues of $1.9 billion for the first nine months of 2010, and its stock closed Thursday at $23.87 a share, up 6 cents and near its 52-week high of $24.99. The state and Hawaiian Electric Industries signed the Clean Energy Initiative in 2008, mandating the state achieve 40 percent renewable energy and 30 percent energy efficiency by 2030.
â¿¿Hawaiian Electric wants to get off of fossil fuels, but they just canâ¿¿t,â¿ Marth said. â¿¿Theyâ¿¿re obligated to paying out dividends [to investors]. A private company doesnâ¿¿t have to pay a dividend, and we wonâ¿¿t. We will use that money to transition to [clean energy].â¿Marth said Kuokoa had drawn up a comprehensive plan that will bring Hawaii to 100 percent renewable energy in 10 years, in contrast to the stateâ¿¿s more moderate goals. The estimate of deploying the plan during the course of 10 years is $35 billion. Marth estimated that buying all the shares of stock at a premium could cost $3 billion. The company currently has a market value of $2.25 billion. â¿¿We want to buy it all,â¿ said Marth. â¿¿We want it to be a friendly transition to a private company.â¿ Marth said the goal was not to get rid of the companyâ¿¿s executive leadership or board, whom he praised. There have been rumors that Mainland companies also have showed interest in taking control of Hawaiian Electric Industries, said Marth. Peck stressed the importance of retaining local ownership and management of the utilities, as would be the case with Kuokoa. Robbie Alm, executive vice president of Hawaiian Electric, declined to comment, citing SEC rules. Connie Lau, president and CEO for Hawaiian Electric Industries and chairman of Hawaiian Electric and American Savings Bank, did not immediately return a call for comment. Copyright 2011 American City Business Journals http://www.bizjournals.com/pacific/news/2011/01/07/investors-want-to-buy-heco-take-it.html?ana=thestreet