Orthogonal Frequency and Code Division Multiplexing (OFCDM) is a multicarrier transmission scheme which has been proposed for 4G and beyond mobile wireless communication systems. However, an un-modified OFCDM signal has a large Peak-to-Mean Envelope Power Ratio (PMEPR) which leads to a serious handicap for the digital to analogue converter (DAC) and the high power amplifier (HPA). This makes the communication system more difficult and expensive to design. In this paper, we propose the use of pseudo-random Partial Transmit Sequence (PR-PTS) technique for the reduction of PMEPR for OFCDM and compare its performance with pseudo-random Selective Mapping (PR-SLM). Based on our analyses, it is found that PR-PTS has the ability to reduce PMEPR for OFCDM by up to 60% (11 dB), which is quite a significant decrease. This helps alleviate the stringent requirements on the DAC and the HPA.