New Delhi, July 28 -- Samsung Electronics has signed a $16.5 billion contract for supplying semiconductors to a major global corporation. The South Korean tech giant did not name the buyer but stated in a filing that the start date of this contract was 26 July 2024 and the end date was 31 December 2033.

Samsung Electronics' shares rose by as much as 3.5% in Seoul after the announcement, the company's biggest intraday gain in almost four weeks, according to a Bloomberg report.

In its filing, the company noted that the deal signed on Saturday was related to contract chip manufacturing but stated that other details of the agreement including the name of its counterpart and the terms would not be disclosed until the end of 2033 in order to ...