KIEV, Feb. 13 ??“ Karavan will spend $740 million over the next three years to expand its chain of retal and entertainment centers in Ukraine from two to 15, Karavan CEO Denis Sluchinsky said.

"By late 2009, we plan to launch over 1 million square meters [of trading space]," he said at the third international conference of investors organized by Renaissance Capital, which was held in Kiev on Monday.