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Africa Medical Supplier (AMS) PLC has successfully raised US$3.5 million in its fully subscribed debut corporate bond, the first-ever in Rwanda’s healthcare sector
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The five-year bond, carrying a 13.25% coupon, attracted diverse investor participation, with unit trusts taking the largest share
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Proceeds will refinance foreign-denominated debt and fund expansion across Rwanda, DRC, and the region, with the bond set to list on the Rwanda Stock Exchange on August 27
Rwanda – Africa Medical Supplier (AMS) PLC, a leading distributor of medical products in Rwanda, has successfully closed its inaugural US$3.5 million (Rwf5 billion) corporate bond with full subscription, marking a historic milestone as the first-ever corporate bond in Rwanda’s healthcare sector.
The five-year senior bond, issued in a single tranche, carries an annual coupon rate of 13.25 per cent payable semi-annually. Investor appetite was strong, with the order book attracting a wide range of participants.
Retail investors took up 7.8 per cent, resident corporate investors secured 36 per cent, staff schemes 4 per cent, insurance companies 10.2 per cent, and unit trusts led with 42 per cent of the allocation.
Yves Sangano, Chairman of AMS, said the successful issuance demonstrates investors’ recognition of healthcare as a cornerstone of Rwanda’s development.
“By fully subscribing to our bond, investors are fueling our mission to bring affordable, life-saving products closer to every Rwandan,” he said.
The bond will be listed on the Rwanda Stock Exchange (RSE) on August 27, 2025, providing investors with liquidity while supporting Rwanda’s broader capital market growth.
Proceeds will be used to refinance AMS’s USD-denominated debt and fund expansion across Rwanda, the Democratic Republic of Congo, and the wider region.
AMS CEO and Founder, Fabrice Shema Ngoga, noted that the issuance represents a vote of confidence in the company’s business model.
“It empowers us to scale responsibly, expand access to essential medical services, and continue building a sustainable healthcare ecosystem for Rwanda and beyond,” he said.
Transaction advisors for the issuance were BK Capital and Cremer Consult and Capital, with RR Associates and Co. Advocates serving as legal advisors and BDO Rwanda as reporting accountant.
Daniel Cremer, Managing Director of Cremer Consult and Capital, said the fully subscribed bond highlights both the company’s strength and the maturity of Rwanda’s capital markets.
“The success affirms investor confidence in AMS’s ability to deliver strong returns while ensuring reliable access to essential medical products,” he said.
AMS currently supplies over 400 clients, including hospitals, clinics, pharmacies, NGOs, UN agencies, and government programs.
Its offerings range from pharmaceuticals and diagnostic tools to orthopaedic devices, hospital furniture, emergency vehicles, and temperature monitoring systems, with a focus on addressing the rising burden of noncommunicable diseases.
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