Apple Inc, the world’s most valuable company, said Monday it will initiate a regular quarterly dividend of $2.65 a share in July and will buy back up to $10 billion of its stock starting in fiscal 2013.
The share buyback program is expected to be executed over three years, with the primary objective of offsetting the impact of employee stock options and equity grants.
“We have used some of our cash to make great investments in our business through increased research and development, acquisitions, new retail store openings, strategic prepayments and capital expenditures in our supply chain, and building out our infrastructure. You’ll see more of all of these in the future,” Tim Cook, Apple`s CEO, said in a statement.
Cook said the company would still maintain a “war chest” for other strategic opportunities.
Read more: Apple to initiate dividend, share buyback
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