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State, EPA probe HECO Waiau station

Hawaiian Electric Industries Inc. revealed in an annual filing with the Securities and Exchange Commission that the state Department of Health and the Environmental Protection Agency initiated separate investigations at Hawaiian Electric Co.'s Waiau Generating Station for the alleged offsite transport, treatment and disposal of hydrochloric acid by a HECO contractor.

HECO submitted responses to all of the Department of Health requests for information and HECO said it is currently awaiting a response from the department although possible enforcement action is still pending. HECO said at this time it anticipates that the EPA will not be pursuing separate enforcement action regarding the incident.

HEI to offer 2 million shares

Hawaiian Electric Industries Inc. said yesterday it plans to offer 2 million shares of common stock publicly and use the net proceeds to redeem existing 8.36 percent trust preferred securities.

The company said any additional funds would be used for general corporate purposes.

Standard & Poor's Rating Services said the stock issuance will slightly enhance the company's somewhat subpar financial profile of BBB/Stable/A-2.

Also, the American Stock Exchange said it launched trading in options yesterday on nine stocks, including Hawaiian Electric, whose common stock is on the New York Stock Exchange.

Hyatt starting $14M renovation

The 1,230-room Hyatt Regency Waikiki Resort & Spa will begin the first of a two-phase $14 million room renovation in April.

Phase one, which includes all rooms in the resort's Ewa tower, should be completed by October. Phase two will begin in the first quarter of 2005 and will include all rooms in the Diamond Head tower, the company said.

The upgrade includes new bathroom countertops and fixtures, showerheads, art work, carpeting, paintings and furniture. Hyatt selected DKKY Architecture Studio for the design and local contractor Summit Construction for the renovation.

Pasha to home port in California

California-based Pasha Hawaii Transport Lines LLC, which will begin roll-on roll-off auto shipping services to Hawaii by the end of the year, said yesterday it has agreed to home port its 579-foot specialized truck and car carrier in Benicia, east of San Francisco.

The port of Benicia is a privately owned and operated port specializing in motor vehicles and the handling of bulk products.

The company said its ship, the M.V. Jean Ann, was built to serve the needs of car manufacturers and the rental car industry and will make scheduled calls in Honolulu, Maui and Southern California.

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[Hawaii Inc.]

NEW JOBS

>> Sheila Chong has joined Hawaii Commercial Real Estate as an office building leasing and sales specialist. She will negotiate leases for office building tenants and assist buyers and sellers of investment properties.

>> George Irion has joined AIG Hawaii as vice president and director of corporate business development. He has worked more than 25 years in telecommunications.

>> Pacific LightNet Communications has hired Trevor Anderson as an account executive. He will provide new and existing customers with the technical expertise to select the right telecommunications products for their needs. He was previously a global account manager for SBC Communications in Chicago.

ON THE BOARD

>> National Association of Women in Construction Hawaii Chapter has appointed Nobleza Magsanoc, Pacific Resource Partnership operations manager, as its new president. She has been with the association since 2001 and previously served as vice president and president-elect.

>> Kauai North Shore Business Council has invited Debra Jason to serve on their board of directors. Jason is a Realtor-Associate at Vision Properties in Kapaa and owner of Haena-based The Write Direction.

>> CrimeStoppers has elected David M. Reed to president. He is head of Dave Reed Marketing and has been a member of the CrimeStoppers board of directors since 1990.