Premium Catering (Holdings) Limited Announces Share Repurchase Program
Singapore, June 26, 2025 (GLOBE NEWSWIRE) -- Premium Catering (Holdings) Limited (NASDAQ:PC) ("Premium Catering" or the "Company") today announced that its Board of Directors has authorized a share repurchase program for up to $1.0 million of the Company's Ordinary Shares.
"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. We remain committed to evaluating the strategic deployment of our capital where we believe it can generate shareholder value," said Yu Chun Yin, an Executive Director.
Under the program, the Company may make repurchases, from time to time, through open market purchases, block trades, in privately negotiated transactions, or by other means. Open market repurchases will be structured to occur in accordance with applicable federal securities laws, including within the pricing and volume requirements of Rule 10b-18 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The Company may also, from time to time, enter into Rule 10b5-1 plans to facilitate repurchases under this authorization. The volume, timing, and manner of any repurchases will be determined at the Company's discretion, subject to general market conditions, as well as the Company's management of capital, general business conditions, other investment opportunities, regulatory requirements, and other factors. The repurchase program does not obligate the Company to repurchase any specific amount of common stock, has no time limit, and may be modified, suspended, or discontinued at any time without notice at the discretion of the Board of Directors. The Company currently expects to fund the repurchase program from existing cash and cash equivalents and/or future cash flows.
About Premium Catering Holdings Limited
Premium Catering (Holdings) Limited is a certified Halal food caterer specializing in Indian, Bangladesh and Chinese cuisine and has over 11 years of experience in the catering services industry in Singapore. The Group primarily supplies budget prepared meals to foreign construction workers in Singapore. In addition, the Group operates food stalls and provides buffet catering services for private functions as well as ancillary delivery services. Since 2019, the Group has introduced smart incubators where prepared meals are placed in them for collection by the customer. The smart incubators are the Company's custom-made compartmentalized, heated and insulated food vending lockers which are used to deliver budget prepared meals to customers in a secured, hygienic, contactless manner at a pre-set temperature.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding the methods, amount, and timing of, and sources of funding for, repurchases under the stock repurchase program. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the factors discussed under the caption "Risk Factors" in our Annual Report on Form 20-F for the fiscal the year ended June 30, 2024, as the same may be updated from time to time in our subsequent filings with the Securities and Exchange Commission. These forward-looking statements are based on management's current estimates and expectations. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change.
Contact:
Sarah Loh
The Chief Financial Officer
Telephone +65-67901488
[email protected]
