The privatization programme has not ceased to evolve since 1987, advancing through three distinctive phases: 

The premiere operations (1st phase 1987-1994) concerned enterprises with unbalanced financial structures. The operations were, for the most part, realized in the form of sales of assets, generally with the splitting up of the company into individual operating units in order to facilitate their ceding, and above all to a large gamut of investors. These operations have primarily been effected within the services sector (tourism and commerce), and the fishery and agro-foods sectors.

The second phase (1994-1997), that favoured advances in terms of economic reforms and the establishment of an appropriate judicial and institutional framework, concerned enterprises that had healthy financial structures. In this phase, privatization operations were realised through the form of the sales of blocks of controlling shares based on tender offers and/or public offers (IPO). In effect, with the promulgation of the law of August 1994 relative to privatization operations through the sale of blocks of controlling shares based on a specifications document was developed. This approach was often accompanied by public offers (IPOs) as of in 1996 when the privatization programme entered into a sustained rhythm with the ceding of profitable enterprises.

  The third, utilised since 1998, has allowed for the inclusion in the privatization programme of very large companies such as cement plants, with, in support, recourse to advising banks and to more elaborate techniques including concessions (Power station Radès II, where the formula B.O.O (Build, Own & Operate) was adopted. The granting to a private operator for the exploitation of a second GSM network was under the form of a concession.