One.Tel yesterday announced the Australian Communications Authority has approved its GSM licence application, paving the way for it to build Australia's fourth GSM network.
The carrier reports the first stage of the network is due to be completed during the first quarter of 2000.
Meanwhile, One.Tel also reports it is close to completing negotiations with a GSM network vendor to provide the equipment, and is "well advanced with inter-carrier roaming discussions with existing GSM carriers".
The ACA approved One.Tel's licence after the Minister for Telecommunications, Senator Richard Alston, approved its "Industry Development Plan", the carrier reports.
One.Tel claims building a national GSM mobile network is an integral part of its overall Australian strategy.
Trading on the Australian Stock Exchange (ASX:ONE), One.Tel had 1997-1998 financial year revenues of $210 million, while interim revenues for 1998-1999 are reported at $150.716 million.
One.Tel has a market-cap it estimates at more than $1.7 billion based on fully diluted shares and the average share price last week.