MEMBERS of the Irish Agricultural Wholesale Society have approved the reduction of the co-op's share holding in the quoted agri-business group IAWS at the first of two extraordinary general meetings called to approve the reduction. The society wants to reduce its holding in IAWS from 56 per cent to 44 per cent by transferring 12.1 million shares in IAWS directly to its members.

The society is owned by around 50 other co-ops including Kerry, Avonmore, Waterford and Dairygold.

Under the society's rules any reduction of the society's stake in IAWS below 50 per cent has to be approved at two extraordinary general meetings. At least 75 per cent of the members have to approve the change at the first meeting, held yesterday, but only 50 per cent at the second.

The second meeting is scheduled for June 12th. Each shareholder co-op has only one vote regardless of the size of its share holding.