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The intention behind this move is for HEI and Hawaiian Electric to allocate these funds to highly liquid short-term investments.
“We are proactively strengthening our balance sheets as Hawaiian Electric continues providing reliable service to our customers and supporting the recovery in Maui,” mentioned in the announcement.
Furthermore, the company’s Board of Directors decided to suspend the quarterly cash dividend for the company’s common stock, starting from the third quarter of 2023. This decision aims to further increase the company’s cash position.
By Davit Kirakosyan
