Premium Catering (PC) said Thursday its board has authorized the repurchase of up to $1 million common shares from time to time.

"This repurchase authorization underscores the board and management's belief that at times our share price may be undervalued relative to our long-term opportunity," stated Yu Chun Yin, executive director at the company.

Shares were up more than 1% in recent trading.

Price: 0.72, Change: +0.01, Percent Change: +1.28