01:01 PM EDT, 08/06/2024 (MT Newswires) -- (Updates with the latest stock movement in the headline and the first paragraph.)

New Oriental Education & Technology Group ( EDU ) shares surged more than 12% in recent trading Tuesday after the company said its board approved increasing its share repurchase program to $700 million from $400 million.

The program has also been extended by two years through May 31, 2025.

The company said it has so far repurchased about $330.3 million of its American depositary shares under the program.

Price: 73.20, Change: +7.93, Percent Change: +12.15