Estonian food maker Premia Foods has indicated that it aims to become the leading supplier of chilled and frozen food in the Baltics, Scandinavia and north-eastern Russia.

As part of its expansion drive, the company has completed the purchase of St. Petersburg-based ice cream manufacturer ZAO Khladokombinat No. 1 for a total consideration of EUR3m (US$3.7m).

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Premia said that it will enter an aggressive growth drive over the next five years.

Expansion funds will be provided by its plan to list 37.5% of shares on the Tallinn stock exchange, with a view to raising in excess of EUR15m.

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