In May 2005, BNG Trading made a major acquisition by purchasing the Port Moresby Freezers (PMF) business from Steamships Ltd. Port Moresby Freezers also has a long history in PNG corporate folklore, having been originally a division of Burns Philp and subsequently sold to Steamships in 1995.

Under Steamships Trading, the business was located at Scratchley Road, Badili and was a modest enterprise employing 63 Papua New Guineans and a small number of expatriates. All staff were retained when the Wallace family purchased the business. Today the company employs over 200 Papua New Guinean staff nationally. Many of the original employees are still with the company, greatly contributing to its growth and success.

In 2007, the Associated Distributor Freezer facility in Montoro St, Lae was purchased. It was the first stage of expansion for the business outside of Port Moresby. Also in 2007 the Associated Distributor Freezers facility, Uduka St, Gerehu was purchased. Plans were drawn up to build a state of the art production facility plus an administration and staff amenities block on-site which became the new Head Office of Papua Niugini Freezers (PNF) in June 2009. The decision to rename the company Papua Niugini Freezers was made by the Chairman of the Board, Mr Harry Wallace, who decided that the business name should truly reflect a nation-wide enterprise servicing all of PNG.