A company called Kuokoa Inc. has been formed for the purpose of buying all the shares of Hawaiian Electric Industries and converting the publicly traded company into a private concern. Honolulu-based Hawaiian Electric Industries is the holding company for American Savings Bank, Hawaiian Electric Co. on Oahu, Maui Electric Co. on Maui and Hawaii Electric and Light Co. on the Big Island. If successful, Kuokoa CEO Roald Marth said the company would sell American Savings Bank. Kuokoa is being led by Chairman Richard Ha, who is owner of Hamakua Springs Country Farms on the Big Island; President Ted Peck, who has resigned his position as the stateâ¿¿s energy administrator; and CEO Marth, who is a venture capitalist with an international reputation. Peckâ¿¿s last day as Hawaiiâ¿¿s energy administrator is Friday. â¿¿We felt that we had to do this to address the many, if not all, systemic problems that we havenâ¿¿t been able to solve,â¿ said Peck in reference to the stateâ¿¿s attempts to move Hawaii off imported fossil fuel. Kuokoa Inc. was formed four months ago and has about 25 investors, according to Marth, who declined to identify them. Hawaiian Electric has been unable to become a company primarily fueled by renewable energy sources and controlled energy efficiency measures because of its attempts to earn an 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.