Shareholders to vote again on sale of HEI

Shareholders to vote again on sale of HEI

HONOLULU (AP) - Hawaiian Electric Industries Inc. is hoping to get shareholder approval for its sale to Florida-based NextEra Energy Inc.

The Honolulu Star-Advertiser reports the state's largest electrical utility is seeking approval after the sale fell about 5 percent short of reaching the necessary votes May 12.

State law requires the electric company to get approval from 75 percent of outstanding shares.

The company extended the vote deadline four weeks.

Maui Mayor Alan Arakawa is one of the shareholders who voted no. He says he doesn't want the company to rush the sale.

NextEra says it will save Hawaii ratepayers $60 million over four years by lowering rates and will triple solar power production.

If the company doesn't get enough votes, it can extend the deadline again.

Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.