Africa Medical Supplier (AMS) PLC, one of the leading suppliers and distributors of medical products in Rwanda, has successfully closed its inaugural Rwf5 billion corporate bond with 100 per cent subscription, the company announced on August 19. The achievement marks the first-ever corporate bond issuance in Rwanda’s healthcare sector. The bond carries a five-year tenor, issued in a single tranche with an annual interest rate of 13.25 per cent, payable semi-annually. ALSO READ: Africa Medical Supplier announces Rwf5bn inaugural bond Investor demand for the offering was exceptionally strong, with the order book attracting a wide and diverse pool of participants. The final allocation reflected this breadth. Retail investors accounted for 7.8 per cent of the allocation, while resident corporate investors secured 36 per cent. Staff schemes represented 4 per cent, unit trusts emerged as the largest group with 42 per cent, and insurance companies took 10.2 per cent of the allocation. Yves Sangano, Chairman of AMS, said this achievement is not only a success for the firm but also a strong signal that investors recognise healthcare as a cornerstone of Rwanda’s future. “By fully subscribing to our bond, investors are fueling our mission to bring affordable, life-saving products closer to every Rwandan, he added. The medium-term senior bond will be listed on the Rwanda Stock Exchange (RSE) on August 27, 2025, providing investors with liquidity and contributing to the deepening of Rwanda’s capital markets. Proceeds to finance debt, expansion According to the firm, the proceeds from the bond will be used to refinance AMS’s USD-denominated debt and support the company’s expansion, enabling it to fulfill new healthcare contracts and tenders across Rwanda, the Democratic Republic of the Congo, and the wider region. ALSO READ: A closer look at Africa Medical Supplier’s inaugural corporate bond Fabrice Shema Ngoga, CEO and Founder of AMS, also emphasised that this bond represents a vote of confidence in the company’s business model and values. “It empowers us to scale responsibly, expand access to essential medical services, and continue building a sustainable healthcare ecosystem for Rwanda and the region. The transaction advisors for the issuance included BK Capital and Cremer Consult and Capital. RR Associates and Co. Advocates and BDO Rwanda served as legal advisors and reporting accountant, respectively. Daniel Cremer, Founder and Managing Director of Cremer Consult and Capital, noted that the firm’s strong performance and successful entry into Rwanda’s capital markets underscore the maturity of both the company and the market. He added, “The full subscription of its inaugural bond affirms investor confidence in the company’s ability to generate superior shareholder returns while ensuring the reliable supply of essential medical products. AMS supplies medical products and equipment to over 400 clients including hospitals, clinics, pharmacies, NGOs, UN agencies, and government health programs. The company provides comprehensive solutions including delivery, installation, sales, and after-sales support, focused on addressing a range of medical needs, particularly for noncommunicable diseases. Its products include medical equipment, hospital furniture, diagnostic tests, pharmaceuticals, orthopedic devices, laboratory tools, emergency vehicles, and temperature monitoring systems.
