Tectoy. They also kept releasing games way after the ms was dead else where. Oh and they did their own ms port of street fighter 2!
https://segaretro.org/Street_Fighter_II%27
The ironic thing is while Tectoy kept making MS games because it was cheap, those games now go for a small fortune (relatively speaking) in Europe because the were never exported out of Brazil.
I think the Master System version of Sonic Spinball came from Sega themselves though. It was sold in Europe as well as Brazil.