Mexico's National Bank of Foreign Trade (Bancomext), the financial agent for the sale of Ocean Garden Products, told IntraFish the company was sold late last week to the only bidder in the tender.

The deal was higher than the $13 million (€11 million) offered by the group a few weeks ago.

The terms agreed on will give Mexico’s public sector revenues of around $25 million (€21 million), including the payment of $15 million (€13 million) for the shares of Ocean Garden, recovery of a $10 million (€8 million) loan granted to Ocean Garden by Bancomext, and public liabilities of around $110 million (€94 million) in credit lines to finance the company’s operation.