Teem Foundation, a timber trader turned Macau high-stakes gambling junket investor, is selling new shares for the second time in as many days to raise an additional HK$119.25 million towards the purchase of a VIP gaming operator that will take high rollers to the new Venetian casino resort on Macau's Cotai Strip. Teem over the weekend said it would issue 45 million new shares at HK$2.65 each, a 10.17 per cent discount on Friday's closing price. The latest placement, announced on Sunday in a statement dated Friday, follows directly on the heels of an announcement on Thursday that the company would sell an initial tranche of 161.28 million new shares at HK$2.65 each to raise up to HK$427.4 million to help fund the tentative purchase of a new Macau gambling junket. Despite the double dosage of dilution - the two placements represent 21.42 per cent of Teem's existing share capital - the company's stock climbed 4.41 per cent to close at HK$3.08 yesterday after Citigroup analysts Kadir Lim and Anil Daswani on Sunday reiterated their buy rating on Teem and raised their share price target by 32 per cent to HK$3.96. Teem announced last Wednesday it had signed a memorandum of understanding to take an indirect stake in profits from the private VIP rooms held by a gambling junket attached to 'a hotel on the Cotai Strip'. The company has yet to identify the junket or name the hotel. Teem chairman Richard Lum said in April he was targeting a deal to secure interest in a junket at Las Vegas Sands Corp's US$2.4 billion Venetian, which will open next month with 850 gaming tables as the first big resort on the Cotai Strip and will be the world's largest casino by number of tables. The Citigroup analysts likewise tipped the casino as the Venetian, which they said would open with about 100 dedicated VIP tables. Teem did not say how many gaming tables the new Venetian junket would control. The price and size of its interest in the junket are subject to further negotiation. Teem paid HK$1.3 billion in two separate deals starting in September last year for control of two junkets that take high-rollers to the Sands and Wynn casinos.