HEI announces
2-for-1 stock split
Hawaiian Electric Industries Inc., which posted a 27 percent increase in first-quarter earnings, announced its first stock split yesterday in 20 years.
The parent of American Savings Bank said its board of directors approved a 2-for-1 split that will be payable June 10. Shareholders can received the split shares if they buy or own the stock before the end of the trading session on June 9. The last time HEI split its shares was in May 1984 when it also had a 2-for-1 split.
"The split should enhance market liquidity of our stock and broaden our investor base," said Robert F. Clarke, chairman, president and chief executive officer of HEI.
HEI's board also said it was maintaining its quarterly cash dividend at 62 cents a share, marking the 26th consecutive quarter it has remained at that level. The company first raised its dividend payout to 62 cents in the first quarter of 1998.
The dividend will be payable June 10 to shareholders who own or purchase shares before the market closes May 5.
In a separate matter, HEI shareholders yesterday re-elected board members T. Michael May, Diane J. Plotts , Kelvin H. Taketa and Jeffrey N. Watanabe to terms expiring in 2007 and Victor H. Li to a term expiring in 2005.
The company also said it was reducing the size of its board to 12 members from 13 because it wasn't going to replace Oswald Stender, who has reached the mandatory retirement age of 72.