KUALA LUMPUR (Oct 14): Shares of Astro Malaysia Bhd rose in early trade on news the Arbitral Tribunal had dismissed a RM300 million claim against its wholly owned subsidiary Measat Broadcast Network Sdn Bhd (MBNS).

As of 10.38am, the counter was up 8 sen or 2.54% at RM3.23 but volume was modest with about 90,000 shares changing hands.

The counter had earlier dropped to as low as RM3.13 before rebounding.

Astro told Bursa Malaysia yesterday that the tribunal had on Oct 10 ruled in favour of MBNS in its dispute with AV Asia Sdn Bhd.

AV Asia had in 2010 sued MBNS for breaching a Mutual Non-Disclosure Agreement dated Aug 1, 2008 between the two parties relating to the manufacture and supply of satellite dishes.

Astro said the court had dismissed AV Asia’s claim for RM300 million and ordered the company to pay US$1.05 million in costs to MBNS.

AV Asia had alleged that MBNS leaked confidential information involving a solution developed through a collaboration between AV Asia and Japanese electronics manufacturer Maspro Denkoh Corp., regarding the manufacturing of satellite dishes in 2007.