A Prosus flag is displayed ahead of the trading debut of the new Prosus NV unit of Naspers Ltd., outside the Amsterdam Stock Exchange, operated by Euronext NV, in Amsterdam, Netherlands, on Wednesday, Sept. 11, 2019. Naspers will retain 73% of the new company, which will house everything from a 31% stake in Chinese online giant Tencent to food delivery and advertising firms from the U.S. to India and Brazil. Photographer: Jasper Juinen/Bloomberg via Getty Images

AMSTERDAM, Nov 1 (Reuters) – Technology investment firm Prosus NV PRX.AS and its South African parent Naspers NPNJn.J on Tuesday rejected as “untrue” a report that they are in talks to sell their large stake in Chinese software and gaming giant Tencent 0700.HK.

In a pre-market statement, Amsterdam-based Prosus said an article in Asian Tech Press citing unnamed sources saying that Naspers was in talks with a group of investors led by CITIC of China to sell its entire Tencent stake was “speculative and untrue”.

Prosus holds a 28% stake in Tencent worth $70 billion at current prices. It has said it intends to sell the stake down gradually to fund a share repurchase program.

“The Naspers Board and Prosus Board reiterate their continued confidence in Tencent’s long term prospects and continue to believe that the share repurchase programme is in the best interests of Prosus, Naspers and their respective shareholders,” they said in a statement.

(Reporting by Toby Sterling; Editing by Kirsten Donovan)