New Oriental Education & Technology Group Inc. has announced an extension of its share repurchase program
New Oriental Education & Technology Group Inc. (NYSE: EDU), a provider of private educational services in China, has announced an extension of its share repurchase program. The company's board of directors has authorized the extension, allowing New Oriental to continue repurchasing its shares over the next twelve months through May 31, 2024.
Under the existing share repurchase program launched in July 2022, New Oriental has already repurchased approximately US$191 million worth of its American Depositary Shares (ADSs). As of May 31, 2023, there is still a balance of approximately US$209 million authorized under the Share Repurchase Program that has not been utilized. With the extension, the company is now permitted to repurchase up to approximately US$209 million worth of its shares, in the form of ADSs and/or common shares, until May 31, 2024.
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