KIGALI, Rwanda – Africa Medical Supplier PLC (AMS), Rwanda’s leading medical products distributor, has successfully launched the country’s first corporate health bond, which was fully subscribed, marking a milestone for Rwanda’s healthcare sector and financial markets.
The bond is valued at Rwf5 billion, runs for five years, and carries a 13.25% annual interest rate payable every six months. It will be officially listed on the Rwanda Stock Exchange (RSE) on August 27, 2025, giving investors an opportunity to trade it.
Investor response was strong, with participation from retail investors (7.8%), corporate investors (36%), staff schemes (4%), unit trusts (42%), and insurance companies (10.2%).
Proceeds from the bond will be used to refinance AMS’s foreign currency debt and support the company’s expansion into new healthcare contracts and tenders across Rwanda, the Democratic Republic of Congo (DRC), and the wider region.
Yves Sangano, Chairman of AMS, said the full subscription proves that healthcare is seen as a key investment for 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, added that the bond is a show of trust in the company’s business model.
“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 bond issuance was supported by BK Capital, a subsidiary of BK Group, alongside Cremer Consult & Capital as financial advisor. RR Associates & Co. Advocates and BDO Rwanda acted as legal and reporting advisors, respectively.
Daniel Cremer, Founder and Managing Director of Cremer Consult & Capital, said the success of the bond highlights both the company’s strength and the growth of Rwanda’s capital markets.
“The full subscription affirms investor confidence in AMS’s ability to deliver shareholder value while ensuring the reliable supply of essential medical products,” he noted.
