Steven Goh’s Asia-focused social networking business migme has launched on the Australian Securities Exchange following a reverse takeover of gold explorer Latin Gold.
Business News reported in January that Mr Goh, who launched online stockbroking firm Sanford Securities in Perth in the late 1990s, had entered negotiations with Latin Gold for a deal worth around $19 million.
Mr Goh has been growing his social networking developments under his technology company Project Goth after selling Sanford Securities to IWL Limited in 2003.
Its flagship product migme (then called mig33) was launched in 2006 and now has more than five million monthly average users.
The merger and subsequent reverse takeover of Latin Gold attracted investment of more than $10 million from a subsidiary of Hong Kong-listed handset manufacturer FIH mobile - Big Build Enterprises.
Mr Goh said that put the company in a position of having $US10 million in cash reserves which would enable it to fund growth plans.
Migme makes its ASX debut with an 8 cent share price.