ash - parse a config file line after line

My config file looks as follows: ver 3 file test1.conf ~/etc file test2.conf ~/etc/conf script tst.sh I'd like my script to iterate through all lines prefixed with "file", extract filename and location values and execute some operation. Since now I got: files=$(cat file.conf | grep file) But then I'm not sure how to get into iteration to extract second and third string out of each line.