Preheat the oven to 350°F (175°C). Generously grease a 10-cup capacity bundt pan with butter or cooking spray, making sure to cover all areas. Set aside.
In a small bowl, whisk together the flour, salt and baking powder.
In a large bowl, using a stand mixer or hand-held mixer, cream together the butter and sugar until fluffy and pale yellow in colour (approx 5 minutes). Beat in the eggs one at a time, scraping the sides of the bowl as needed. Mix in the vanilla extract. Add the coconut milk and stir to combine.
Slowly add the dry mixture, mixing until just incorporated. Be careful not to over-mix. Using a rubber spatula, stir in the shredded coconut.
Pour the batter into the prepared pan and bake for 50 to 60 minutes, or until a toothpick inserted into the center of the cake comes out clean.
Cool the cake in the pan on a wire rack for at least an hour. Invert cake onto the wire rack to cool completely.