Kigali, Rwanda; August 19, 2025; Africa Medical Supplier PLC (AMS), Rwanda’s leading distributor of medical products, has successfully raised Rwf 5 billion through its debut corporate bond, marking a first in the country’s healthcare sector.
The bond achieved a 100% subscription rate; reflecting strong investor confidence in the company’s growth trajectory and sustainability agenda.
The five-year medium-term senior bond carries an annual interest rate of 13.25%, payable semi-annually, and will be listed on the Rwanda Stock Exchange (RSE) on August 20, 2025.
Investor participation was diverse; with allocations to retail investors (7.8%); resident corporates (36%); staff schemes (4%); unit trusts (42%); and insurance companies (10.2%).
Proceeds from the bond will be used to refinance AMS’s USD-denominated debt and fund its regional expansion; enabling the company to meet new healthcare contracts and tenders in Rwanda, the Democratic Republic of the Congo (DRC), and beyond.
Yves Sangano, Chairman of AMS, hailed the milestone; “This landmark achievement is not only a success for AMS but also a strong signal that investors recognise healthcare as a cornerstone of Rwanda’s future.”
Fabrice Shema Ngoga, CEO and Founder of AMS, added; “This bond is a vote of confidence in our business model and values. It empowers us to scale responsibly and expand access to essential medical services across the region.”
The issuance was advised by BK Capital (transaction advisor); Cremer Consult & Capital (financial advisor); with RR Associates & Co. Advocates and BDO Rwanda serving as legal advisors and reporting accountants.
Daniel Cremer, Founder of Cremer Consult & Capital, said the fully subscribed bond demonstrated both the company’s strong fundamentals and the maturity of Rwanda’s capital markets.
Founded in 2008, AMS supplies hospitals, pharmacies, NGOs, UN agencies, and government health programs with medical consumables, diagnostic tools, emergency transport solutions, and after-sales services.
