Cortina Holdings plans to pay $84.5 million in cash for fellow luxury watch retailer Sincere Watch.

Hong Kong businesswoman Pollyanna Chu Yuet Wah, the current owner of  Sincere Watch, bought the business in 2012 for $232 million. 

Besides the Sincere Watch chain of multi-brand retail outlets in Singapore and Malaysia, the target company also runs a similar business in Thailand under the Pendulum brand. 

These boutiques carry brands such as A. Lange & Söhne, Audemars Piguet, Franck Muller, IWC, Jaeger-LeCoultre, Panerai, Omega, Vacheron Constatin and Tudor.