UPDATE 2.30pm: Steven Goh's migme social media company has begun trading on the ASX following its backdoor listing through the shell of Latin Gold.

Migme, which is trading under the code MIG, is targeting users in so-called emerging markets mainly across South East Asia.

Founder and chief executive Steven Goh, who set up online broker Sanford Securities in the late 1990s, said the listing marked another important milestone in the evolution of the company.

He noted the platform's monthly average users had reached more than five million.

The company has $10 million in cash from its recapitalisation deal that will be used for working capital and growth plans.

Migme has appointed former Palintir Technologies executive Gene Yu as vice president of corporate development (based in Taiwan) and migme co-founder Mei Lin Ng will return to the company as vice president marketing, after a period with games developer King Digital Entertainment.

Chinese device manufacturer Foxconn has emerged with a 19.9 per cent stake in migme after a $US7.4 million funding deal with the company.

The company will aim to use well-known Asian celebrities to increase its audience and drive revenue growth.

Migme has 251.6 million shares on issue and 7.5 million unlisted options.

The company listed at 45 cents, but closed the day at 39 cents, giving it a market capitalisation just shy of $100 million.

Steven Goh

The West Australian

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