BEIJING, June 6, 2023
/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 authorized the Company to extend its share repurchase
program launched in July 2022 (the
"Share Repurchase Program"), over the next twelve months through
May 31, 2024. As of May 31, 2023, the Company had repurchased
approximately US$191 million worth of
its ADSs under the Share Repurchase Program, and a balance of
approximately US$209 million
authorized under the Share Repurchase Program had not been
utilized. Pursuant to the extended share repurchase program, the
Company may repurchase up to approximately US$209 million of its shares in the form of ADSs
and/or common shares through May 31,
2024.
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, online education
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. 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
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SOURCE New Oriental Education and Technology Group Inc.