Singaporean movie mini-conglomerate MM2 Asia is to buy 13 multiplexes in Malaysia from Lotus Fivestar Cinemas. The deal will make MM2 the fourth largest exhibitor in the country.

MM2 is proposing to pay a minimum of $23.2 million (RM98 million) for the cinemas, with the price rising to $27.9 million (RM118 million) if the cinemas hit certain earnings targets over the next two years.

Lotus currently operates 23 cineplexes. It has given MM2 an option to buy or manage a further two.

MM2 floated on the Singapore Stock Exchange in 2014. Since then the company, which is headed by Melvyn Ang, has diversified downstream from its roots in film production and finance into exhibition through two other acquisitions. It previously bought cinemas in Malaysia from Singapore’s Cathay Cineplexes and from Mega Cinemas. The new deal expands MM2’s operations to 113 screens.