China Education Group Holdings Limited commences an Equity Buyback Plan for 238,926,138 shares, representing 10% of its issued share capital, under the authorization approved on February 22, 2022.

China Education Group Holdings Limited (SEHK:839) commences share repurchases on May 16, 2022, under the program mandated by the shareholders in the Annual General Meeting held on February 22, 2022. As per the mandate, the company is authorized to repurchase up to 238,926,138 shares, representing 10% of its issued share capital. The repurchases will lead to an enhancement of the net asset value and/or earnings per share for the company.

The repurchases will be funded out of funds legally available for such purpose in accordance with the Articles of Association and the applicable laws of the Cayman Islands. The authority shall expire at the earliest of the next Annual General Meeting, the date on which the next Annual general Meeting is required to be held or the date on which the authority is varied or revoked in a General Meeting. As of February 22, 2022, the company had 2,389,261,387 shares in issue.