In November 1995, PTT of Montenegro and European Telecom Luxembourg signed a contract on establishing a limited liability company in the aim of obtaining a mobile telephony license in Montenegro.

In December 2001, ProMonte obtained a 15-year license, letting it use GSM 900 and DCS 1800.

At the same time, PTT of Montenegro sold ETL its 9% of ProMonte shares.

[citation needed] In January 2018, the company's management confirmed media reports that there is interest in sale of Telenor's business in Southeast Europe, including Telenor Montenegro.

[1] In March 2018, Telenor sold its business in Southeast Europe (Bulgaria, Hungary, Montenegro and Serbia) to the investment fund PPF, for a sum of 2.8 billion euros.