Estonia, Foodstuff, Legislation, Markets and Companies

Katre Kõvask.

Premia told the Tallinn stock exchange that in accordance with the resolution of the Supervisory Board of AS Premia Foods, dated 7 March 2013, Katre Kõvask, a member of the Management Board and the Marketing Director of Premia, was appointed the Chairman of the Management Board. Katre Kõvask will assume the new position as of 15 May 2013. The current Chairman of the Management Board Kuldar Leis will be recalled from the Management Board of Premia as from the same date. Provided that the General Meeting of Shareholders to be held in the end of May votes in favour, Kuldar Leis will continue as a member of the Supervisory Board of Premia.

The Management Board will continue in the composition of 3 members: in addition to Katre Kõvask, the Management Board of Premia consists of Silver Kaur (Sales Director of the company) and provided that the General Meeting of Shareholders votes in favour, the Supervisory Board intends to appoint the current member of the Supervisory Board and acting CFO Erik Haavamäe to act as the member of the Management Board and the CFO of the company.

According to Indrek Kasela, the Chairman of the Supervisory Board of Premia, Premia is one of the most successful companies in the local food market. “Together with the current management we have been able to increase the turnover of the company from 25 million euro in 2006 up to 86 million euro in 2012. Our main goal is the strengthening of Premia’s positions and profitable growth in all geographical markets and business segments. The changes in the Management Board of Premia is without a doubt a good news. Katre Kõvask is an experienced leader and knows the company inside-out. Our co-operation with Kuldar will continue in the Supervisory Board level and without doubt, the strategic management of the company will benefit from his extensive experience,” said Kasela.

The turnover of Premia Foods in 2012 was 86.4 million euro, the company is the employer of up to 700 people in six countries and as of 2010 the shares of the company are listed in the main list of the NASDAQ OMX Tallinn Stock Exchange. 40% of the total turnover of Premia comprised of fish and fish products segment, 32% of ice cream segment and 26% of frozen goods segment.