The Rwanda Stock Exchange (RSE) on Wednesday, August 27, 2025, witnessed the official listing of Africa Medical Supplier Plc’s (AMS) maiden corporate bond, a Rwf 5 billion issue that was fully subscribed by a wide mix of investors.
The bond, carrying a five-year tenor with an annual coupon rate of 13.25 percent, marks the first of its kind in Rwanda’s healthcare sector and reflects a turning point for both the company and the wider capital market.
Speaking at the ceremony held in Kigali, the Chief Executive Officer of the RSE, Pierre Celestin Rwabukumba, described the achievement as more than a financial milestone.
“AMS Plc listing is particularly significant as it becomes the first company in the healthcare sector to graduate from the Capital Market Investment Clinic, raise money and be profiled on the RSE special board. This serves as a good example for other SMEs and corporates on what’s possible in our Capital Market today,” he said.
Rwabukumba, emphasized that this development shows the resilience and diversity of the local market. “The success of this bond should fill us all with hope and optimism for the future,” he told the public.
The Chief Executive Officer of the Capital Market Authority (CMA), Thapelo Tsheole, echoed the sentiment, emphasizing that such a move builds both capital and credibility.
“When a company chooses to raise capital through the capital market, it is not only securing funds, it is also elevating its profile and enhancing its credibility. The capital market offers visibility and instils confidence, both of which contribute to strengthening the company,” he remarked.
For AMS, which has grown since its establishment in 2008 into Rwanda’s largest distributor of medical equipment, the listing represents both a breakthrough and a promise. AMS CEO and Founder, Fabrice Shema Ngoga, said the company views this listing as the beginning of a new era.
“Today’s bond listing represents a new chapter in the history of AMS Plc, a chapter defined by innovation, trust, and a shared vision of progress. This listing is not an endpoint but a beginning. It is a rallying point for all stakeholders to join hands in the pursuit of lasting impact,” he said.
AMS intends to deploy the proceeds to refinance foreign currency debt and expand its operations regionally.
The company already supplies medical equipment, hospital furniture, pharmaceuticals, and diagnostic kits to hospitals, NGOs, and UN agencies, and it now seeks to deepen its presence in the Democratic Republic of Congo and other East African markets.
Ivy Hesse, Acting Managing Director of BK Capital, the transaction’s lead arranger, noted that the issuance demonstrated how alternative financing can complement Rwanda’s economic ambitions.
“This five-billion fund is more than a transaction. It is a statement that innovative financing is alive and well in Rwanda. Together, we are not just raising capital. We are raising confidence and raising Rwanda’s profile as a hub for innovative finance,” she said.
The listing also strengthens Rwanda’s bond market. With AMS’s entry, the RSE now counts four corporate bonds across different sectors, alongside government securities and green bonds.
The event capped months of structuring involving BK Capital, Cremer Consult & Capital as financial advisor, RR Associates & Co. Advocates as legal counsel, and BDO Rwanda as reporting accountant.
It drew wide investor participation, with subscriptions spread across retail, corporates, insurance firms, pension schemes, and unit trusts, a sign of increasing public trust in capital markets as a viable financing path.
With this, the AMS bond has proven that healthcare can attract substantial investment, while for the company it unlocks the resources to expand its mission of bringing affordable and reliable medical products closer to communities in need.
The listing may well serve as a blueprint for other Rwandan SMEs seeking long-term funding through the bond market.
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