Maker of the iPhone, Apple, has revealed plans to reward its shareholders by establishing a new dividend and share repurchase scheme later this year.

Shareholders are scheduled to receive a payment of €1.99 per share during Apple's fiscal fourth quarter, which begins on July 1.

The company's board of directors has also given the go ahead for a €7.5 billion share repurchase programme, due to coincide with the beginning of Apple's new financial year on September 30.

It is anticipated that the repurchase scheme will last more than three years, with its number one aim being to neutralise the effect of dilution from future employee equity grants and employee stock purchase programmes.

CEO of Apple, Tim Cook, said: "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.

"Even with these investments, we can maintain a war chest for strategic opportunities and have plenty of cash to run our business. So we are going to initiate a dividend and share repurchase programme."

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