Bring coconut milk to a boil. Add sugar, stirring until completely dissolved and continue to boil for about 45 minutes. Reserve ½ cup of the coconut milk/sugar mixture for later.
Combine remaining ingredients in a large mixing bowl, stir until well blended. Add hot coconut milk mixture and stir well. Mixture should be of a thick liquid texture.
Use 2 tablespoons of coconut milk mixture to grease 9” baking pan. Pour batter into prepared baking pan and bake at 350°F (basting occasionally with reserved coconut milk mixture) for 2 ½ to 3 hours or until knife inserted in centre comes out clean. Spread any remaining coconut milk mixture over top of cake. Place cake on top of stove to cool completely.