Africa Medical Supplier Plc (AMS), a major distributor of medical supplies in Rwanda, is set to raise Rwf5 billion through a bond offering on the Rwanda Stock Exchange starting August 22.
The five-year bond will offer an annual interest rate of 13.25%, with payments made twice a year. Investors will be required to commit a minimum of Rwf1 million. AMS will begin repaying the principal after 18 months, starting in February 2027, with full repayment scheduled by August 2030.
The bond issuance has been approved by the Capital Market Authority (CMA), Rwanda’s regulatory body overseeing the financial market.
“This approach allows us to connect with investors who share our vision of expanding affordable healthcare access across Rwanda,” said Fabrice Shema Ngoga, CEO and founder of AMS. “It’s a win for both AMS and investors.”
Applications to purchase the bonds will be open from July 24 to August 7.
AMS said the funds raised will be used to expand its operations, improve service delivery, and pay off some of its existing debt, particularly loans in U.S. dollars.
Founded in Rwanda, AMS supplies medicine, laboratory equipment, hospital furniture, and diagnostic tools. It works with over 400 clients including hospitals, health centers, pharmacies, NGOs, and United Nations agencies.
Between 2020 and 2024, the company generated Rwf45 billion in revenue, with a profit of Rwf681 million in 2024. It has already secured Rwf17.4 billion in government contracts and is targeting at least Rwf2 billion in revenue from private companies and NGOs.
AMS currently operates in Rwanda, the Democratic Republic of Congo, and Congo Brazzaville, with plans to expand into Guinea Conakry and the Central African Republic.
