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6/13/2012 3:52 AM ET

Philip Morris International Inc. (PM: Quote) said its Board of Directors announced a new three-year share repurchase program of $18 billion.

According to the company, it is expected that the new program will be initiated August 1, 2012, following completion of the existing three-year program of $12 billion which commenced in May 2010 and which will conclude ahead of schedule.

Besides, Philip Morris' Board of Directors declared a regular quarterly dividend of $0.77 per common share, payable on July 12, 2012, to stockholders of record as of June 27, 2012. The ex-dividend date is June 25, 2012.

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