The five-year Medium-Term Senior Unsecured Bond, which was fully subscribed, carries a fixed coupon of 13.25% per annum and will pay investors semi-annual interest with amortised principal repayments starting 18 months after issuance. Proceeds will be used to refinance AMS's foreign-denominated debt and finance its growth strategy, including expansion into new markets.
At the listing ceremony in Kigali, RSE Chief Executive Officer Pierre Celestin Rwabukumba said the transaction showcased the growing depth of Rwanda's capital market.
'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,' Rwabukumba said.
'This serves as a good example for other SMEs and corporates on what's possible in our capital market today.'
Capital Market Authority CEO Thapelo Tsheole added that raising funds through bonds is not only about financing but also about visibility and credibility.
"The capital market offers visibility and instils confidence, both of which contribute to strengthening the company," he stated.
AMS CEO and founder Fabrice Shema Ngoga described the listing as a defining moment for the 17-year-old medical supplier.
'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,' Ngoga said. 'This listing is not an endpoint but a beginning, and a rallying point for all stakeholders to join hands in pursuit of lasting impact.'
Founded in 2008, AMS supplies pharmaceuticals, diagnostic kits, hospital equipment, and consumables to more than 400 clients, including hospitals, pharmacies, NGOs, UN agencies, and government programs in Rwanda and the Democratic Republic of Congo. In 2024, the company reported revenues of Frw 18.5 billion and a net profit of Frw 681 million.
With this listing, AMS joins 10 other companies on the RSE's equities board and five other corporates on its fixed-income segment, alongside 85 treasury bonds.
Wycliffe Nyamasege
