Privatization,
in a narrow sense means a partial or full transfer of ownership of a
public enterprise to private buyers, through the sale of asserts of the
enterprise or shares representing those assets.
Privatization, in a broad sense occurs when some or all the shares in a
parastatal company are sold to individuals and companies in the private
sector. But it also occurs when, for instance, no shares in public
enterprises are sold, but private companies are allowed to compete in
the provision of goods and services which were earlier reserved by law
for government or public enterprises.