AIset's (AEI) board approved a new stock buyback program of up to $1 million.

Repurchases under the program may be through Dec. 31, the company said Monday in a statement.

"We believe the current market price does not fully reflect the intrinsic value of our company, given our diversified portfolio, disciplined financial management and strategic growth initiatives," Chief Executive Officer Chan Heng Fai said in the statement. "Through this stock repurchase program, we are demonstrating our confidence in the long-term prospects of AIset."