South Korean retail giant Shinsegae and its discount retail chain unit E-Mart have sold their stakes in Samsung's insurance unit for 655.2 billion won (US$600 million), industry sources said Friday, securing cash for the upcoming bid for a new duty free shop.

Shinsegae and E-Mart each sold 3 million shares in Samsung Life Insurance Co. via a block sale after Thursday's market closing, shortly after announcing its stock sale plan.