ISLAMABAD, Nov 8: A Pakistani team led by Minister for Privatization Dr Abdul Hafeez Sheikh has resumed in Dubai negotiations with Etisalat of UAE to complete the $2.6 billion endangered privatization of Pakistan Telecommunication Company Limited (PTCL).

A senior government official said the managing director of Goldman Sachs – Pakistan’s financial adviser on PTCL sale — has also joined the negotiations currently going on at different working group levels in the UAE.

Last week, Mr Sheikh had held discussions with communications minister of UAE to prevail upon Etisalat management not to back out of its PTCL bid and honour its commitment.

The official said that the UAE government that was also contacted at the top government level through telephone had passed on its desire for making the transaction a success to Etisalat, which is also owned by members of the royal family.

The official said that the privatization minister had no contact with Etisalat during his previous visit to the UAE before Eidul Fitr and it was for the first time in the last 10 days that direct talks were taking place between the minister and the management of Etisalat.

Pakistani team that also includes PTCL’s transaction leader Amir Qawi and legal adviser Asad Sikandarkhel would return on Wednesday and present report to the prime minister and the Cabinet Committee on Privatization (CCoP).

Last week, the CCoP had authorized the privatization ministry to hold another round of talks with Etisalat before inviting the second highest bidder to match the highest bid.

Earlier, the government had announced that Etisalat had failed to make $2.6 billion payment to take over the management control and 26 per cent stakes in PTCL despite maximum facilitation provided by the Privatization Commission.