CARROLLTON, Texas-Handset distribution company CellStar Corp. said it completed the sale of its Singapore business to a local group of investors. The company said it would record a $500,000 fourth-quarter loss due to the sale.
CellStar said it is also in the final stages of selling its business in the Philippines.
The moves come as CellStar continues to struggle in its Asian business. The company recently pulled its plans for a Chinese initial public offering.
