New Oriental Education & Technology Group Inc. Extends Share Repurchase Program
May 27, 2024, 3:51 am
Location: United States, District of Columbia, Washington
Employees: 5001-10000
Founded date: 1982
New Oriental Education & Technology Group Inc., a key player in China's private educational services sector, has decided to extend its share repurchase program. The company's board of directors has given the green light to continue the program for the next twelve months, up until May 31, 2025. This move comes after the program was initially launched in 2022 and revised in 2023.
As of the latest press release, New Oriental had already repurchased around US$246.3 million worth of its American Depositary Shares (ADSs) under the program. However, there is still approximately US$153.7 million left in the kitty that has not been utilized. With the extension of the program, the company now has the flexibility to repurchase up to approximately US$153.7 million of its shares in the form of ADSs and/or common shares.
The company plans to carry out these repurchases through various means, including open market transactions, privately negotiated deals, block trades, and other legally permissible methods. The board of directors will keep a close eye on the program's progress and may make further adjustments as needed.
New Oriental is a major player in China's private education landscape, offering a wide array of educational programs, services, and products to students across the country. From test preparation courses to livestreaming e-commerce services, the company caters to a diverse student population. Listed on both the NYSE and SEHK, New Oriental's ADSs are fully interchangeable with its Hong Kong-listed shares.
For more information about New Oriental and its offerings, interested parties can visit the company's official website. For investor and media inquiries, individuals can reach out to Ms. Rita Fong at FTI Consulting or Ms. Sisi Zhao at New Oriental Education and Technology Group Inc.
In conclusion, New Oriental's decision to extend its share repurchase program reflects the company's commitment to enhancing shareholder value and optimizing its capital structure. As the program unfolds over the next twelve months, investors will be watching closely to see how it impacts the company's financial performance and market position.
As of the latest press release, New Oriental had already repurchased around US$246.3 million worth of its American Depositary Shares (ADSs) under the program. However, there is still approximately US$153.7 million left in the kitty that has not been utilized. With the extension of the program, the company now has the flexibility to repurchase up to approximately US$153.7 million of its shares in the form of ADSs and/or common shares.
The company plans to carry out these repurchases through various means, including open market transactions, privately negotiated deals, block trades, and other legally permissible methods. The board of directors will keep a close eye on the program's progress and may make further adjustments as needed.
New Oriental is a major player in China's private education landscape, offering a wide array of educational programs, services, and products to students across the country. From test preparation courses to livestreaming e-commerce services, the company caters to a diverse student population. Listed on both the NYSE and SEHK, New Oriental's ADSs are fully interchangeable with its Hong Kong-listed shares.
For more information about New Oriental and its offerings, interested parties can visit the company's official website. For investor and media inquiries, individuals can reach out to Ms. Rita Fong at FTI Consulting or Ms. Sisi Zhao at New Oriental Education and Technology Group Inc.
In conclusion, New Oriental's decision to extend its share repurchase program reflects the company's commitment to enhancing shareholder value and optimizing its capital structure. As the program unfolds over the next twelve months, investors will be watching closely to see how it impacts the company's financial performance and market position.