Vietnamese conglomerate Hoang Anh Gia Lai has announced that it plans to sell 9.9 million shares, or a 99-percent stake, in its Hoang Anh Gia Lai - University Medical Center in Pleiku City, the capital of the Central Highlands province of Gia Lai, in order to pay out for bonds it issued in 2016.

The firm’s board of directors authorized its deputy general director Ho Thi Kim Chi to sign contracts, agreements, and documents; and complete procedures to transfer the shares.

Doan Nguyen Duc Duc, chairman of the board, made the sale announcement to Hoang Anh Gia Lai’s stakeholders on December 15.

Hoang Anh Gia Lai - University Medical Center was established in 2012 as a joint venture between Hoang Anh Gia Lai and the University Medical Center Ho Chi Minh City. The hospital has 11 inpatient departments, six administrative departments, and 20 clinics.

Hoang Anh Gia Lai had earlier said it was resolved to turn the hospital into a leading medical center which could deploy the most advanced domestic and international medical techniques in the Central Highlands.

As of the end of September this year, Hoang Anh Gia Lai’s total debt stood at nearly VND16 trillion (US$655 million), according to the firm’s third-quarter consolidated financial report.

Of the total, its loans neared VND7.8 trillion ($319.4 million), dropping VND387 billion ($15.8 million) over early this year and more than VND19 trillion ($778 million) compared with the figure at the end of 2015.

In September this year, Hoang Anh Gia Lai sold its hotel, also in Pleiku City, for VND180 billion ($7.4 million) to pay its debts.

The firm has transferred its two resorts in south-central Binh Dinh Province and the Central Highlands province of Lam Dong, a hotel in central Da Nang City, as well as subsidiaries, shares, and projects in Myanmar over the past few years.

In meetings with investors, Hoang Anh Gia Lai chairman Duc emphasized the firm's commitment to paying all of its debts by the end of 2025.

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