BEIJING, Aug. 6, 2024
/PRNewswire/ -- New Oriental Education & Technology Group
Inc. ("New Oriental" or the "Company") (NYSE: EDU and SEHK: 9901),
a provider of private educational services in China, today announced that its board of
directors has approved the upsizing of its share repurchase
program. As previously disclosed, the Company launched a share
repurchase program (the "Share Repurchase Program") whereby the
Company was authorized to repurchase up to US$400 million of the Company's ADSs and/or
common shares during the period from July
28, 2022 through May 31, 2023.
The Share Repurchase Program was extended by two years through
May 31, 2025. As of the date of
this press release, the Company had repurchased approximately
US$330.3 million worth of its ADSs
under the Share Repurchase Program.
The Company's board of directors has approved an adjustment to
the Share Repurchase Program, pursuant to which the aggregate value
of shares that the Company is authorized to repurchase under the
Share Repurchase Program is increased from US$400 million to US$700
million. The upsized Share Repurchase Program is effective
through May 31, 2025.
The repurchases may be effected from time to time through open
market transactions at prevailing market prices, in privately
negotiated transactions, in block trades and/or through other
legally permissible means, depending on the market conditions and
in accordance with applicable rules and regulations. The Company's
board of directors will review the Share Repurchase Program
periodically, and may further authorize adjustment of its terms and
size.
About New Oriental
New Oriental is a provider of private educational services in
China offering a wide range of
educational programs, services and products to a varied student
population throughout China. New
Oriental's program, service and product offerings mainly consist of
educational services and test preparation courses, private label
products and livestreaming e-commerce and other services, overseas
study consulting services, and educational materials and
distribution. New Oriental is listed on NYSE (NYSE: EDU) and SEHK
(9901.SEHK), respectively. New Oriental's ADSs, each of which
represents ten common shares, are listed and traded on the NYSE.
The Hong Kong-listed shares are
fully fungible with the ADSs listed on NYSE.
For more information about New Oriental, please visit
http://www.neworiental.org/english/.
Contacts
For investor and media inquiries, please contact:
Ms. Rita Fong
FTI Consulting
Tel: +852 3768 4548
Email: rita.fong@fticonsulting.com
Ms. Sisi Zhao
New Oriental Education and Technology Group Inc.
Tel: +86-10-6260-5568
Email: zhaosisi@xdf.cn
View original
content:https://www.prnewswire.com/news-releases/new-oriental-announces-upsizing-of-share-repurchase-program-302215328.html
SOURCE New Oriental Education and Technology Group Inc.