Africa Medical Supplier Plc (AMS), Rwanda’s leading distributor of medical products, has made history by successfully listing its debut corporate bond on the Rwanda Stock Exchange (RSE), marking a first for the country’s healthcare sector and a milestone for SME financing.
The company raised Rwf 5 billion through a five-year medium-term senior bond carrying a 13.25% annual interest rate, payable semi-annually. The issuance was fully subscribed, reflecting strong investor confidence in AMS’s growth trajectory and sustainability agenda.
Investor participation was broad-based, 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 regional expansion, positioning the company to meet new healthcare contracts and tenders in Rwanda, the Democratic Republic of the Congo (DRC), and beyond.
Speaking at the official listing, Yves Sangano, Chairman of AMS, described the achievement as a milestone for both the company and Rwanda’s capital market. “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,” he said.
AMS Founder and CEO Fabrice Shema Ngoga emphasized the strategic importance of the bond. “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,” he noted.
Thapelo Tsheole, CEO of the Rwanda Capital Market Authority (CMA), hailed the issuance as a demonstration of the capital market’s growing role in enterprise growth and national economic progress. “The capital market gives businesses room to expand and enables investors to grow their savings,” he said.
The issuance was supported by a strong advisory team: 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, noted that the 100% subscription rate demonstrated both AMS’s solid 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.
With this bond issuance, AMS not only secures the financing to accelerate its regional expansion but also sets a precedent for Rwanda’s healthcare sector and inspires other SMEs to leverage capital markets as a sustainable financing pathway.
