in 1998 as a result of a corporate takeover greece hellenic telecommunications organization sa (ote) acquired 90% of armentel, the remaining portions remaining the property of the armenian government. the government granted armentel a monopoly for telecommunication services for 15 years, while ote committed to invest into armenian telecommunications sector and bring it up to international standards. according to armentel it has invested approximately 200 million usd in the years of 1998-2003.