Top Education Group (HKG:1752) agreed to buy back 264,708,000 shares held by PricewaterhouseCoopers Nominees (A.C.T.) for a little over HK$11.2 million, a Monday filing with the Hong Kong bourse said.

The shares, which will be repurchased at HK$0.0425 apiece, represent roughly 10.86% of the school operator's total issued share capital.

The firm will cancel the repurchased shares, reducing its issued share capital to 2,171,686,000 shares from 2,436,394,000 shares previously.

The buyback is subject to regulatory and shareholder approvals.

PricewaterhouseCoopers Nominees (A.C.T.) was holding the shares on bare trust for the Australian partnership of PricewaterhouseCoopers.

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