Transcom to become New Tel

Telecommunications provider, Transcom International will begin trading on the Australian Stock Exchange and US NASDAQ under its new name New Tel as early as Tuesday June 8.

Shareholders yesterday voted on the change at an extraordinary general meeting held in Western Australia.

Peter Malone, group managing director, said the name change is part of a plan to reposition Transcom as a major telecommunications carrier in the Pacific basin.

According to officials, a corporate and operational restructure is already underway at the company. A new billing system has been purchased for the company and new administrative, financial and marketing systems are being established for the company's new offices in Sydney.

Malone said the company is on track with the rollout plan for its international gateway facility in Australia and plans to list the company's advanced engine products division are well on the way.

According to Malone, the division expects to list on the ASX in the new financial year.

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