Summary by Moomoo AI
ORIENTAL SELECTION HOLDINGS LIMITED (STOCK CODE: 1797) ANNOUNCES THAT A SPECIAL GENERAL MEETING WILL BE HELD ON 7 FEBRUARY 2024 TO CONSIDER AND APPROVE THE SUBSCRIPTION AGREEMENT WITH NEW ORIENTAL EDUCATION TECHNOLOGY (GROUP) LIMITED (NEW ORIENTAL). Under the agreement, New Oriental will subscribe for 51,352,277 new shares to be issued by Oriental at a subscription price of HK$31.75 per share for a total amount of RMB 15 billion. Upon completion of the acquisition, New Oriental will further consolidate its majority shareholding selected by Oriental. The acquisition will fund Oriental Select's business development and growth and provide financial flexibility. The subscription is subject to approval by independent shareholders at the Extraordinary General Meeting and is expected to be completed on or before 30 June 2024.