Rwanda has launched its first healthcare sector bond, a milestone that not only strengthens the country’s financial markets but also promises to expand access to essential medical services across the region.
Africa Medical Supplier PLC (AMS), Rwanda’s largest distributor of medical products, closed its debut corporate bond worth Rwf5 billion after achieving full subscription.
The five-year medium-term senior bond, carrying an annual interest rate of 13.25% payable semi-annually, will be listed on the Rwanda Stock Exchange on August 27, 2025.
Investor participation was diverse, reflecting broad confidence in both AMS and Rwanda’s growing capital market.
Retail investors accounted for 7.8% of subscriptions, corporate entities for 36%, staff schemes for 4%, unit trusts for 42%, and insurance companies for 10.2%.
Proceeds from the bond will be used to refinance AMS’s foreign currency debt and to support the company’s regional expansion.
Beyond Rwanda, AMS plans to grow its footprint by pursuing healthcare tenders and contracts in the Democratic Republic of Congo and other neighboring markets, ensuring that the benefits of this pioneering bond extend beyond national borders.
Yves Sangano, Chairman of AMS, described the milestone as a breakthrough for both the company and Rwanda’s healthcare sector.
“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. By fully subscribing to our bond, investors are fueling our mission to bring affordable, life-saving products closer to every Rwandan,” he said.
Fabrice Shema Ngoga, CEO and Founder of AMS, emphasized that the bond reflects trust in the company’s business model.
“This bond is a vote of confidence in our 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,” he said.
The issuance was structured by BK Capital, a subsidiary of BK Group, with Cremer Consult & Capital as financial advisor. RR Associates & Co. Advocates acted as legal counsel, while BDO Rwanda served as reporting accountant.
Daniel Cremer, Founder of Cremer Consult & Capital, said the success demonstrates not only AMS’s strong performance but also the maturity of Rwanda’s capital markets.
“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,” he noted.
Founded in 2008, AMS has built a reputation as Rwanda’s leading supplier of healthcare products, serving hospitals, pharmacies, NGOs, UN agencies, and government programs.
Its growth and the successful bond listing represent a step forward in deepening Rwanda’s financial markets while positioning healthcare as a critical sector for sustainable investment.
