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Privatization is the process of transferring ownership of a business, enterprise, agency, charity or public service from the public sector (the state or government) or common use to the private sector (businesses that operate for a private profit) or to private non-profit organizations.
There are two types. Government-owned companies are legally normal companies but mainly or fully national owned. They are expected to be funded by their sales. A big customer might be the government or a government agency. The other type is government agencies which might also do activities competing with private owned companies.
The company was folded and re-created in 2009, and privatized in 2012, under the supervision of the EU and IMF, as it was part of the debt-restructuring process of 2012. OPAP (Lottery and Betting Monopoly) – privatization completed in 2013, when the last remaining government-owned stock was sold [15]
There was "very little" privatization during 1992: only 22 state-owned enterprises were privatized. The pace picked up throughout the following year, with more than 260 companies privatized. [64] Four of the 22 enterprises privatized in 1992 were sold to foreign investors. [65] In 1993, 265 companies were privatized, followed by 604 in 1994.
The United States federal government chartered and owned corporations operate to provide public services. Unlike government agencies such as the Environmental Protection Agency, the Bureau of Indian Affairs, or independent commissions, such as the Federal Communications Commission, the Nuclear Regulatory Commission, and others, they have a separate legal personality from the federal government.
After the Cuban Revolution of 1959 the Castro government gradually expropriated all foreign-owned private companies, most of which were owned by American corporations and individuals. The immediate trigger was the refusal by American-owned oil refineries to refine the crude oil received from the Soviet Union .
A state-owned enterprise (SOE) is a business entity created or owned by a national or local government, either through an executive order or legislation.SOEs aim to generate profit for the government, prevent private sector monopolies, provide goods at lower prices, implement government policies, or serve remote areas where private businesses are scarce.
Private companies may be called corporations, limited companies, limited liability companies, unlimited companies, or other names, depending on where and how they are organized and structured. In the United States but not generally in the United Kingdom , the term is also extended to partnerships , sole proprietorships or business trusts .