New Oriental Education & Technology Boosts Share Buyback Program Mandate

MT Newswires Live08-06

New Oriental Education & Technology Group's (HKG:9901) board has given the go-ahead for the upsizing of its share repurchase program to $700 million from $400 million previously, a Tuesday bourse filing said.

As of today, the private educational services company has bought back around $330.3 million of its American Depositary Shares (ADSs) under the program. The remaining shares under the upsized mandate can be repurchased until May 31, 2025.

The $400 million buyback program to repurchase ADSs and/or common shares was first launched in July 2022 and later extended for two years.

Shares of the company closed nearly 11% higher on Tuesday.

Price (HKD): $52.50, Change: $+5.10, Percent Change: +10.76%

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