THE members of the Irish Agricultural Wholesale Society cooperative (IAWS) have agreed to reduce their stake in the publicly quoted agri business group IAWS by 10 per cent. The decision will reduce the co op's stake in IAWS to 44 per cent.

The members of the society are around 50 other co operatives including Kerry, Avonmore, Waterford and Dairygold.

The transfer had to be approved by two separate general meetings. At least 75 per cent of members had to approve the change at the first meeting, held last month, and 50 per cent had to approve it yesterday. Each shareholder was entitled to one vote, regardless of the size of its shareholding.

The chief executive of IAWS, Mr Philip Lynch, said that the change would make the benefits of the growth of IAWS more available to members of the society.