Indonesian billionaire Low Tuck Kwong and his daughter Elaine Low have signed a conditional agreement to sell 10 billion shares of Bayan Resources, or about 30% stake in the coal miner, to Jhonlin Baratama, a company linked to commodities tycoon Andi Syamsuddin Arsyad.

Arsyad, commonly known as Haji Isam, is a businessman from Kalimantan and a known ally of President Prabowo Subianto. He is buying about half of Low’s 62% stake in Bayan, as the........

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