Business briefs

Advertiser Staff

HEI plans to sell 2 million shares

Hawaiian Electric Industries, which provides electric power to most Hawai'i residents through its utility Hawaiian Electric Co. and owns the state's third-largest financial institution, American Savings Bank, said yesterday it plans to offer 2 million shares of its common stock in a registered public offering.

The company plans to use the net proceeds from the sale to redeem existing 8.36 percent trust preferred securities, and any remaining money will be used for general corporate purposes. Merrill Lynch is the manager for the offering.

Mac nut grower reports profit

Big Island macadamia nut grower ML Macadamia Orchards said yesterday its fourth quarter net profit was $406,000 on revenues of $6.8 million, compared with a net loss of $136,000 on revenues of $6.2 million for the fourth quarter of 2002.

Revenue and net earnings increased mainly because of a higher nut price, the company said.

ML Macadamia Orchards will pay a quarterly cash dividend of 5 cents, up from the 3 cents it paid the previous two quarters.

Pasha Hawaii gets port deal

Pasha Hawaii Transport Lines said it reached agreement for its new vessel to transport automobiles between California and Hawai'i to be home ported at the Port of Benecia in the San Francisco Bay area.

Pasha plans to compete with Matson Navigation Co. and Horizon Lines in automobile shipping with calls to Maui, Honolulu and Southern California starting late this year. Its ship, the M.V. Jean Anne, is built to service the automotive manufacturing and rental car industry and can carry more than 3,800 vehicles with roll on, roll off access to enclosed parking decks.

More Hawaiian talks sought

Bankrupt Hawaiian Airlines and Boeing Capital Corp. asked the bankruptcy court for an eighth extension to renegotiate aircraft lease terms. The lease agreement expires Monday. Hawaiian wants to restructure agreements for 16 planes it leases from Boeing.