SEC Form 4

FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person* MAY T MICHAEL (Last) (First) (Middle) P.O. BOX 730 (Street) HONOLULU HI 96808 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol HAWAIIAN ELECTRIC INDUSTRIES INC [ HE ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) X Director 10% Owner Officer (give title below) Other (specify below)
	3. Date of Earliest Transaction (Month/Day/Year) 08/29/2003
	4. If Amendment, Date of Original Filed (Month/Day/Year)	6. Individual or Joint/Group Filing (Check Applicable Line) X Form filed by One Reporting Person Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	08/29/2003		M		10,000	A	$35.21	19,643.0973	D
Common Stock	08/29/2003		J		3,042	A	(1)	22,685.0973	D
Common Stock	08/29/2003		S		4,042	D	$42.59	18,643.0973	D
Common Stock	08/29/2003		S		100	D	$42.72	18,543.0973	D
Common Stock	08/29/2003		S		500	D	$42.71	18,043.0973	D
Common Stock	08/29/2003		S		500	D	$42.77	17,543.0973	D
Common Stock	08/29/2003		S		200	D	$42.74	17,343.0973	D
Common Stock	08/29/2003		S		600	D	$42.68	16,743.0973	D
Common Stock	08/29/2003		S		2,300	D	$42.7	14,443.0973	D
Common Stock	08/29/2003		S		100	D	$42.69	14,343.0973	D
Common Stock	08/29/2003		S		600	D	$42.75	13,743.0973	D
Common Stock	08/29/2003		S		4,100	D	$42.67	9,643.0973	D
Common Stock								76.135(2)	I	by 401(k)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Common Stock	$35.21	08/29/2003		M		10,000		04/26/2003	04/26/2009	Common Stk	10,000	$35.21	124,222.758	D
Common Stock	(1)	08/29/2003		J		3,042		04/26/2003	04/26/2009	Common Stk	3,042	(1)	127,264.3683(3)	D
Common Stock	(4)	08/29/2003		S			4,042	04/26/2003	04/26/2009	Common Stk	4,042	(4)	123,222.3683	D
Common Stock	(4)	08/29/2003		S			100	04/26/2003	04/26/2009	Common Stk	100	(4)	123,122.3683	D
Common Stock	(4)	08/29/2003		S			500	04/26/2003	04/26/2009	Common Stk	500	(4)	122,622.3683	D
Common Stock	(4)	08/29/2003		S			500	04/26/2003	04/26/2009	Common Stk	500	(4)	122,122.3683	D
Common Stock	(4)	08/29/2003		S			200	04/26/2003	04/26/2009	Common Stk	200	(4)	121,922.3683	D
Common Stock	(4)	08/29/2003		S			600	04/26/2003	04/26/2009	Common Stk	600	(4)	121,322.3683	D
Common Stock	(4)	08/29/2003		S			2,300	04/26/2003	04/26/2009	Common Stk	2,300	(4)	119,022.3683	D
Common Stock	(4)	08/29/2003		S			100	04/26/2003	04/26/2009	Common Stk	100	(4)	118,922.3683	D
Common Stock	(4)	08/29/2003		S			600	04/26/2003	04/26/2009	Common Stk	600	(4)	118,322.3683	D
Common Stock	(4)	08/29/2003		S			4,100	04/26/2003	04/26/2009	Common Stk	4,100	(4)	114,222.3683	D

Explanation of Responses:

1. These shares were acquired as dividend equivalents pursuant to the terms of the Stock Option and Incentive Plan (SOIP) for the period 5/10/99-2/12/03 with a range in price of $29.125-$46.8550.

2. These shares are held persuant to the Hawaiian Electric Industries Retirement Savings Plan 401(k) (HEIRS). Effective 4/1/96 the participant's investment in HEI Common Stock was converted to units in the HEI Common Stock Fund portion of HEIRS. A small portion of the Fund is held in cash and the overall value of the Fund is based on the combined value of the HEI Common Stock and the cash portfolio. For SEC reporting purposes only the actual stock portion of the Fund is being reported.

3. Fractional share of .3897 paid in cash.

4. Option shares @ $35.21; see Footnote 1 for dividend equivalents.

Remarks:

	T. Michael May	09/02/2003
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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